According to U.Today, Billy Markus, the software engineer who created the original meme cryptocurrency Dogecoin in collaboration with Jackson Palmer in 2013, commented on the recent Bitcoin price fall. Markus, known on Twitter as 'Shibetoshi Nakamoto,' posted a meme from the Star Wars II movie, suggesting that Bitcoin warned about its intention to crash on April Fool's day as a 'hilarious joke' but with no intention to recover from it.
The world's pioneer cryptocurrency, Bitcoin, has astounded the cryptocurrency community by plummeting 7.33% and losing several thousand U.S. dollars in value within a few hours, as it fell from $69,700 to $64,700. On April 1, Grayscale ETF faced outflows of more than $302 million. Additionally, the odds of the Federal Reserve cutting down interest rates seem to be getting lower. These factors are likely the drivers that pushed Bitcoin down so far almost instantly.
After these factors were spotted, the cryptocurrency market saw a whopping $500 million worth of crypto liquidations, according to data provided by CoinGlass. The single biggest liquidation amounted to the equivalent of nearly $8 million in crypto. Overall, according to Markus's earlier tweets, he does not believe that cryptocurrency price movements can be predicted, particularly for Bitcoin. His view is that crypto is mostly speculative assets, and holding it for a long time is not a mentally healthy pastime.
