Billy Markus, known as “Satoshi Nakamoto” on social media and one of the co-founders of Dogecoin, recently commented on the sharp drop in the value of cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). Markus likes to satirize volatile markets, and he deals with troubled markets in a humorous way. This is his Twitter post during the crash. The post “Oh no, everything is dead, we are dead” focuses on the common misconceptions of the market and illustrates the overreaction of investors when major cryptocurrencies fall sharply.
We just landed after an 11-hour flight, are we all dead?
— Shibetoshi Nakamoto (@BillyM2k) April 14, 2024
Accident details
The recent unexpected decision has caused the market value of top cryptocurrencies to fall. In the past 24 hours, Bitcoin has fallen sharply from a high of $70,760 to the current $67,490, a drop of about 7%. Similarly, Ethereum has fallen more than 10% from $3,525 and is currently trading at $3,161.
Although Ethereum prices recovered slightly to $3,259 and Bitcoin reached $67,472, the impact of the sharp drop spread throughout the market, with some smaller players having to sell their holdings. Overnight, total crypto liquidations reached about $735 million, indicating that this downturn has affected everyone, no matter what they trade.
Venue and the expected BTC halving.
The timeline of this crash is quite interesting, as it comes on the brink of the Bitcoin halving event on April 21. The event cuts the number of new Bitcoins generated per block by 50% (from 6.25 BTC to 3.125 BTC), and the cryptocurrency community is closely watching it. Traditionally, the halving moment is usually a number that sees a rise in market sentiment, mainly people dreaming of the same scenario. After the recent drop, a correction could happen that could lead to a post-halving rally. Dogecoin could be one of the cryptocurrencies that profited from this event.
Markus' remarks were brief, meant to remind us of the ever-present volatility in the cryptocurrency market, and were described with humor, which added interest to the entire commentary.In light of the upcoming halving event, his way of thinking offers the community a uniquely optimistic perspective that is different from the usual turmoil that continues to occur in the virtual cryptocurrency world.
