Dogecoin Co-Founder Lashes Out After Bitcoin Price Drops Below $58k

The cryptocurrency market has taken a big hit in the past 24 hours, with the overall market value dropping below $2.5 trillion, a 5% drop in one day. Bitcoin dropped 5.33% from $63,940 to $57,166, surprising the community. Amid the drop, DOGE co-founder Billy Markus expressed his frustration with Bitcoin’s sudden price drop.

Billy Markus expresses dissatisfaction

Billy Markus, co-founder of popular meme cryptocurrency Dogecoin, expressed his displeasure with Bitcoin in a tweet that caught the attention of crypto enthusiasts and investors.

The brief message, “Damn Bitcoin,” hinted at a level of frustration with the leading cryptocurrency’s recent performance and market trends.

When the major Bitcoin approached the $60,000 level, many traders began buying on the dips and we have seen a large amount of long positions being liquidated aggressively recently. However, the same is happening with Ethereum and Solana.

Marcus’ tweet reflects the sentiments of many investors who are disappointed with Bitcoin’s inability to sustain its bullish momentum. Reactions to Marcus’ tweet from the crypto community have been mixed.

Some users reiterated his complaintHe shared his own experience with the recent market downturn, while others took it as a call to remain hopeful and resilient, believing that Bitcoin’s long-term potential remains strong despite short-term challenges.

Federal Reserve warns Bitcoin is unsustainable

Adding to the uncertainty is the decreasing likelihood that the Federal Reserve will cut interest rates, which is likely one of the reasons for Bitcoin’s sharp drop today. Federal Reserve Chairman Jerome Powell warned that we are in a “critical time” for the Fed and that current budget deficit levels are “unsustainable.”

The warning highlights the growing financial uncertainty affecting the cryptocurrency market.

Spot Bitcoin ETF Weakness

In addition to the drop in Bitcoin prices, Spot Bitcoin ETF Showing signs of weakness: On Wednesday, July 3, the Spot Bitcoin ETF experienced a net daily outflow of $20.5 million.

Grayscale’s GBTC saw outflows of $27 million, while Fidelity’s FBTC was the only ETF to see inflows of $6.5 million. All other ETFs saw zero inflows.

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