Dogecoin Co-Founder Slams Bitcoin Price Drop Below $58K

Cryptocurrency markets have taken a hit in the past 24 hours, with the total market value falling below $2.5 trillion, down 5% on a daily basis. Bitcoin surprised the community down 5.33% from $63,940 to $57,166. Amid this decline, DOGE co-founder Billy Markus expressed frustration over the plummeting price of Bitcoin.

Billy Markus expresses frustration

In a tweet that has caught the attention of cryptocurrency enthusiasts and investors alike, Billy Markus, co-founder of the popular meme cryptocurrency Dogecoin, expressed his frustration with Bitcoin.

The short message, “Damn Bitcoin,” suggests a certain level of frustration with the recent performance and market dynamics of the leading cryptocurrency.

It turns out that many traders started buying the dip when the leading bitcoin was approaching the $60,000 level with a large number of long positions liquidated aggressively recently. However, the same is happening with Ethereum and Solana.

Community reaction

Markus’ tweet reflects the sentiments of many investors who have been discouraged by Bitcoin’s inability to maintain its bullish momentum. The crypto community’s reactions to Markus’ tweet have been mixed.

Some users he echoed his frustrationsharing their experiences of recent market declines. Others saw it as a call to remain confident and resilient, believing that Bitcoin’s long-term potential remains strong despite short-term challenges

Fed Warns Bitcoin Is Not Sustainable

Adding to the uncertainty, the chances of the Federal Reserve cutting interest rates are decreasing. This is likely one of the reasons behind Bitcoin’s sharp decline today. Federal Reserve Chairman Jerome Powell warned that we are in a “critical period” for the Fed and that current deficit levels are “unsustainable.”

This warning highlights the growing financial instability that is impacting the cryptocurrency market.

Spot Bitcoin ETFs Weak

In addition to the drop in the price of Bitcoin, Bitcoin ETF Spots have shown weakness. On Wednesday, July 3, spot Bitcoin ETFs saw daily net outflows of $20.5 million.

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

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