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As the broader cryptocurrency market continues to experience price fluctuations, the leading cryptocurrency, Bitcoin (BTC), has not been spared. BTC's price is hovering around $66,000 after its brief surge to $69,300 over the weekend.
Reacting to this price correction, Dogecoin co-founder Billy Markus, known as Shibetoshi Nakamoto on X, has sent a message to Bitcoin.
What prompted letter to Bitcoin?
In the short, lighthearted message, the Dogecoin creator shared friendly advice that resembles the sentiment of digital asset investors.
“Dear Bitcoin, I recommend that instead of going down, you go up. Love, Billy,” the message reads.
Yuri MolchanAs the broader crypto ecosystem continues to battle with the disappointment of the low price movement of digital assets, Nakamoto's "letter to Bitcoin" intrigues many traders. The price fluctuations are frustrating given the expectations that October held for many.
Historically referred to as Uptober, many predicted an upward price trajectory for digital assets generally. Some analysts even predicted that Bitcoin would surpass its all-time high (ATH) of $73,750, set before the halving event in April. However, so far, Bitcoin has underperformed based on general expectations.
Nakamoto’s letter is likely motivated by a desire to see the ripple effect that Bitcoin will have on altcoins. Notably, a surge in Bitcoin’s price has been known to rub off on other crypto assets as market sentiment gets bullish.
Price volatility strikes Dogecoin holders
As of writing time, data shows that the Bitcoin price is down by 1.03%, trading for $66,756.41 per BTC. While expectations remain high that the leading digital asset will soon rebound, traders have expressed caution in trading. Market volume has plummeted by 24.18% to $27.19 billion.
Arman ShirinyanMeanwhile, Dogecoin’s unpredictable volatility has made long traders exercise greater caution as they monitor the bearish trend. Market analysis revealed that approximately 32 million DOGE, valued at $3.88 million, belonging to long traders, were liquidated in 24 hours.
Hence, the Dogecoin cofounder’s letter to Bitcoin might be a cry for a bullish season to hit the broader cryptocurrency market.
Arman Shirinyan
Dan Burgin
Alex Dovbnya
Vladislav Sopov