Cover image (from U.Today)
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. Financial and market information provided on U.Today is for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Please contact a financial professional and conduct your own research before making any investment decisions. Although we believe all content is accurate as of the date of publication, certain offers mentioned may not be currently available.
Billy Marcus, co-founder of the iconic meme cryptocurrency Dogecoin, known by the pseudonym Shibetoshi Nakamoto, shares his views on the nature of the cryptocurrency market and why it continues to fall, frustrating investors and traders. said.
Cryptocurrency market crashes as Bitcoin plummets
As October began, the cryptocurrency market faced a significant decline due to a notable drop in Bitcoin prices. From September 29th to October 3rd, Bitcoin fell by nearly 9%, falling from its peak of $66,000 and falling below the $60,000 level.
Over the past 24 hours, Bitcoin managed to stem some of the recent bleeding, rising 2.26%, but quickly faced losses again. As of this writing, BTC is trading at $61,265.
This dramatic decline was caused by dramatic geopolitical developments in the Middle East. As a result, many investors have begun exiting Bitcoin, the S&P 500, and other stock market staples and buying into gold, which was considered a safe-haven asset before BTC was created.
related
“Krypto is like a really hot girl”: Shibetoshi Nakamoto
Marcus, who is considered an influential figure within the crypto community, explained the reason for the current market crash.
His tweets about this are darkly ironic. He likened cryptocurrencies to “a really hot girl who gets a little bit of attention and lights the gas on you that maybe there’s an opportunity.” “But then she dumped you and started dating a rich guy,” he added.
Crypto is like a really sexy girl who gaslights herself thinking she’ll give you a little bit of attention and maybe have a chance.
But then she dumps you and starts dating a rich guy
— Shibetoshi Nakamoto (@BillyM2k) October 3, 2024
Marcus reveals epic BTC, DOGE, LTC sale
Earlier this week, the Dogecoin founder also revealed that he had little cryptocurrency left after selling nearly his entire stash of various coins to buy a Honda Civic. Marcus tweeted that he sold 50 BTC, 440 LTC, and 6 million DOGE in 2015.
Currently, 50 Bitcoins are worth $3,069,865. 440 LTC is currently worth $30,118 and 6 million Dogecoins is worth $646,013, for a total of almost $4 million. Earlier this year, Marcus tweeted that his current Bitcoin holdings were 0.009 BTC and a small amount of Dogecoin. A few years ago, he also tweeted that he had to sell some of his ETH at a loss to pay taxes.
