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And in a light tweet Co-founder of Dogecoin Billy Marcus, who goes by "Shibetoshi Nakamoto" on X, responded to the recent drop in Bitcoin's price of more than 5%. Marcus has a great sense of humor Comment“Bitcoin ate some junk food this morning,” he said while sharing a Bitcoin chart to illustrate its price decline.
The Dogecoin founder’s statement that “Bitcoin eats some junk food” may playfully suggest that the leading cryptocurrency has seen a rapid decline, just like the indulgence in junk food.
His comment comes amid widespread market selling that witnessed significant liquidations across various digital assets.
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At the time of writing, the total market capitalization of cryptocurrencies has fallen by 6.28% over the past 24 hours to $3.35 trillion, according to CoinMarketCap. Bitcoin fell 5.61% over the past 24 hours to $95,607. Most other major cryptocurrencies also fell, with Ethereum down 8.3% and Dogecoin nearly 12%.
Bitcoin price is falling
BitcoinCoinGlass's recent decline is part of a broader decline in the cryptocurrency market, with more than $711 million in liquidations reported across various assets, according to CoinGlass data.
Bitcoin reached a high of $102,735 on Monday for the first time since December 19, but its return above $100,000 was short-lived. On Tuesday, bitcoin fell to its lowest level in more than two weeks, hitting a low of $96,105, joining a broader sell-off in US stocks as new economic data sent Treasury yields higher.
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The Institute for Supply Management's better-than-expected report on service providers in the United States included a measure of the price paid that reached its highest level since early 2023, while other data showed that job opportunities in the United States rose more than expected.
Bitcoin extended its losses on Wednesday, reaching an intraday low of $95,222 at the time of writing, and falling below the 50 simple moving average at $97,689, where it traded in late December before beginning to rebound. At the beginning of 2025.
On the macroeconomic front, investors are awaiting labor market data scheduled for release on Wednesday, in addition to the minutes of the Federal Reserve's December meeting.
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