Billy Markus, the co-founder of Dogecoin known as "Shibetoshi Nakamoto" on X, shared his take on Bitcoin’s recent price drop in a humorous post. Referring to Bitcoin’s over 5% decline, Markus quipped, “Bitcoin ate some fast food this morning,” accompanied by a chart depicting the price movement. His playful analogy compares Bitcoin’s sudden dip to indulging in quick and impulsive fast food, capturing the attention of crypto enthusiasts amid a broader market sell-off.
The cryptocurrency market has seen significant turbulence, with its total capitalization plummeting by 6.28% over the past 24 hours, according to CoinMarketCap. Bitcoin itself fell by 5.61% to $95,607, marking its lowest point in over two weeks. Other major cryptocurrencies also followed suit, with Ethereum down 8.3% and Dogecoin losing nearly 12%. Data from CoinGlass reported over $711 million in liquidations across the market as part of this broader sell-off.
Bitcoin’s drop comes shortly after it hit a new high of $102,735 on Monday, the first time since December 19. However, its return to the six-figure mark was short-lived, as fresh economic reports fueled a market downturn. A stronger-than-expected report from the Institute for Supply Management highlighted rising prices, while U.S. job openings surged beyond expectations, pushing Treasury yields higher. This macroeconomic pressure contributed to Bitcoin falling below its 50-day moving average of $97,689, erasing gains from late December’s rebound.
As the crypto market continues to face volatility, investors await further labor market data and the release of the Federal Reserve’s December meeting minutes. These developments are expected to provide critical insights into the economic landscape and its impact on digital assets. For now, the market remains on edge, with Bitcoin and other cryptocurrencies struggling to regain their footing.
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