Billy Markus, co-creator of Dogecoin, expressed doubt about crypto trading during the market crash.
Markus’s remarks highlighted the crypto market’s decline.
Market experts have attributed several factors to this downturn.
Billy Markus, co-creator of Dogecoin, has commented on the current downtrend witnessed by the crypto market. Markus is a crypto influencer with a large following of 2.1 million on X. He uses the pseudonym Shibetoshi Nakamoto and often shares memes and views on various topics, including politics, finance, and cryptocurrency.
Following the dip of digital assets due to the current crypto market crash, the co-creator expressed doubt over crypto trading, saying, “Man, crypto sure does suck.”
Markus’s remarks highlighted the crypto market’s decline, led by the plummeting prices of Bitcoin and Ethereum. Over the past intraday session, Bitcoin slipped by 5.69%, trading at $57,762 during press time.
Ethereum, the second-largest cryptocurrency, lost 3.87% of its value during the same period, reaching $2,894. Meanwhile, Dogecoin, created as a light-hearted parody of Bitcoin, dipped 8%, slipping from $0.1458 to $0.1252.
Market experts have attributed several factors to this downturn, including Binance founder CZ’s four-month prison sentence for violating the Bank Secrecy Act and money laundering charges.
In addition, disappointing job reports and the underwhelming performance of Bitcoin-Ethereum exchange-traded funds (ETFs) in Hong Kong are said to have fueled this current market outlook, as investors expected it to surpass the performance of U.S. ETFs.
Hong Kong-based ETFs have demonstrated a healthy trend, amassing $12.4 million through trading activities. Meanwhile, these funds have seen substantial inflows, totaling $141 million, directed towards Bitcoin and partially into Ethereum.
In comparison, the figure observed upon the launch of U.S. spot ETFs totaled $740 million in assets, with trading volume reaching $4.6 billion. This stark contrast reflects the robust uptake and enthusiasm surrounding U.S. ETF offerings compared to their Hong Kong counterparts.
Moreover, Markus’s tweet mirrors a broader sentiment within the community, where concerns about market volatility and regulatory scrutiny persist. As such, investors remain vigilant for possible changes in market trajectory amidst ongoing developments.
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