On Thursday, the crypto market delivered another twist in this infamous roller coaster ride, as the price of Bitcoin — the market's benchmark and leading asset — broke through the coveted psychological barrier of $100,000 with little hesitation, bringing the overall decrease in the last three days to as much as 10%.
For a $2 trillion asset, that is an erasure of over $200 billion from its market cap, and the week has only just begun.
The social media timelines and feeds dedicated to crypto were quick to react, of course, but the award for the most eloquent yet laconic commentary surely goes to Dogecoin creator Billy Markus, better known online as Shibetoshi Nakamoto.
In just three words, Markus managed to encapsulate all the pain of the recent collapse, which, according to Coinglass, resulted in $1.1 billion in liquidated positions in 24 hours.
What's happening to Dogecoin now?
As for his own creation, Dogecoin — the popular cryptocurrency with a market cap of $24.4 billion and currently the ninth biggest — its price plunged by as much as 8.56% in the last day. Overall, since the start of October, the DOGE price has lost 33% of its value, dropping well below $0.20 per meme coin.
Markus tried to find an explanation in the recent reopening of the U.S. government after the longest-ever shutdown, even urging it to shut down again. However, whether this is a legitimate trigger for the brutal downturn in the crypto market in recent weeks is questionable.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team