As we enter the tenth month of the year, the cryptocurrency market continues to struggle, having already lost over $213 billion in total capitalization since the beginning of the week. Most of this decline is, of course, due to the fact that the market's flagship, Bitcoin, failed to break through a key level of dynamic resistance at $66,000.
The negative price action was accompanied by a panic among market participants due to the worsening geopolitical situation in the world.
Gamza KhanzadaevAs a result, the prices of 99% of cryptocurrencies plunged into the red and continue to do so for the fourth day in a row, bringing disappointment and testing the nerves of crypto enthusiasts.
From memes to meltdown
One of the prominent representatives of the crypto space is Billy Markus, known under the nickname Shibetoshi Nakamoto, who was involved in the creation of major meme cryptocurrency Dogecoin (DOGE), could not get away from the current situation and provided a quite epic commentary.
Markus-Nakamoto, in a recent post on social network X, where he has more than two million followers, played out a kind of dialogue in which, asking whether the crypto market can stop falling and return to a phase of unstoppable mania, the market responds to him with a famous meme phrase from "post-aged" Captain America from the movie "Avengers: Endgame" (2019).
Markus' disappointment is understandable, as it is shared by other traders and investors who believed in Uptober. A festival of green candles on the charts did not occur, and it seems that this disappointment is only driving Bitcoin and other digital assets lower.
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team