Bitcoin Down: The Co-founder Of Dogecoin Mocks Traders

The carnage in the crypto market and the fall of Bitcoin are forcing investors to reassess their strategies. In this tumultuous context, Dogecoin co-founder Billy Markus, aka Shibetoshi Nakamoto, does not miss an opportunity to share his opinion, always tinged with irony. His latest jab on X (formerly Twitter) targets both Bitcoin and broader societal concerns.

Bitcoin: When Irony Masks Disillusionment

Dogecoin co-founder Billy Markus, aka Shibetoshi Nakamoto on X, recently commented on Bitcoin’s fall with his characteristic dark humor. As Bitcoin, the leading cryptocurrency, plunged more than 7%, dropping from $62,170 to $58,630, Markus shared an article about traders taking profits with a sharp jab:

“You’re taking profits, really?“

you guys are taking profits? pic.twitter.com/zXGQmhSr0N

— Shibetoshi Nakamoto (@BillyM2k) August 27, 2024

This drop comes after a week in which Bitcoin had risen over 11%, nearing $62,000. The reason? Statements from Jerome Powell, chairman of the Fed, hinting at a possible interest rate cut.

In his characteristic style, Markus also tweeted: “You’re not depressed; you just need 10 million dollars.“

A thought that sparked a heated debate about the correlation between wealth and well-being, while triggering a flood of memes on social media.

A Crypto Market in Flames According to Billy Markus

Billy Markus, known for his cutting remarks, recently summarized his view of the crypto market in a few words: “Bitcoin, damn!“

This exclamation, posted as Bitcoin dropped below $59,000 in early July, reflects his disappointment with the market’s volatility. Since Monday, July 1, in fact, Bitcoin has lost over 8%, falling to $58,500, a two-month low.

Markus, true to his biting style, compares investing in crypto to “throwing money into a bonfire.” A strong image that aptly captures the uncertainty and frustration felt by many investors. Also noteworthy:

• 2% drop in one week for BTC;
• Bitcoin price at the time of writing, $59,622;
• Massive liquidations of long positions amounting to $145 million on Bitcoin and Ethereum.

Far from being limited to Bitcoin, the wave of forced sales is also affecting Ethereum and Solana.

As investors flee exchanges, withdrawing their Bitcoins en masse, it is clear that distrust of cryptos remains at its peak.