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.
content
- Dogecoin creator reacts to Bitcoin and crypto crash
- Cryptocurrency market falls as Bitcoin price plummets by 10%
Billy Marcus, known by the pseudonym Shibetoshi Nakamoto on social media, co-created the iconic meme-themed cryptocurrency Dogecoin in 2013 with Jackson Palmer as a parody of Bitcoin. Both parties have since stepped back from the project, leaving it in the hands of the Dogecoin Foundation.
Dogecoin creator reacts to Bitcoin and crypto crash
Over time, Marcus has become a crypto influencer with a huge audience of over 2 million people on I also share my views.
As altcoins began to fall following the two largest cryptocurrencies, Bitcoin and Ethereum, Dogecoin's co-founder tweeted, “Cryptocurrencies really suck.” Marcus is known to be skeptical of crypto trading, often likening it to gambling.
Marcus' tweet comes at the exact moment when several major developments in the cryptocurrency space caused the price of Bitcoin to collapse overnight.
Cryptocurrency market falls as Bitcoin price plummets by 10%
In the past 24 hours, Bitcoin, the world's leading cryptocurrency, has fallen by almost 10.3%, falling from the $64,600 zone to the $57,650 zone, and its price is shifting at the time of writing.
Ethereum, the second-largest cryptocurrency by market capitalization after Bitcoin, plummeted by more than 11%. It is currently trading at $2,874 after losing the $3,243 level on Tuesday.
Dogecoin plummeted from $0.1458 to the current level of $0.1242, a drop of nearly 15%.
The main reason for the sharp decline was that Binance founder CZ was sentenced to four months in prison for violating the Bank Secrecy Act (BSA) and money laundering at Binance. Furthermore, the employment report came in worse than expected and the Hong Kong Bitcoin Ethereum ETF failed to meet traders' expectations as it was expected to outperform the US Spot Bitcoin ETF on its first trading day.
In fact, the Hong Kong ETF was able to gain $12.4 million in trades and $141 million in inflows into Bitcoin and some Ethereum. When the U.S. Spot ETF was launched, its numbers were significantly higher, with $740 million in assets and $4.6 billion in trading volume.
