Amid a sell-off on the global markets, Dogecoin co-founder Billy Markus, known as Shibetoshi Nakamoto on X, has reacted in his characteristically humorous manner to the price drop.
Market Sentiment
Global semiconductor and associated stocks fell on Wednesday, following a steep plunge in Nvidia’s share price in the U.S. overnight. Nvidia plunged 9.5% on Tuesday, wiping nearly $300 billion off the chipmaker’s market cap and pulling chip stocks down with it. That was the biggest one-day market capitalization drop for a U.S. stock in history. The recent sell-off saw substantial declines across various digital assets, including major cryptocurrencies like Bitcoin and Ethereum, which were recording losses of nearly 5%. Polygon and Toncoin were recording losses between 8% and 10%. Dogecoin was not immune to the market drop.
Billy Markus's Reaction
In a tweet that seemed to reference the ongoing market downturn, Shibetoshi Nakamoto wrote: "Can’t wait to lose more money today." This tongue-in-cheek comment reflects the sentiment of many investors during periods of market volatility. Markus's ability to blend humor with the harsh realities of the market has always resonated with his followers, and this tweet was no exception.
Reasons for the Price Drop
Markets were sluggish Tuesday after the ISM manufacturing index released August results that fell short of consensus forecasts, heightening concerns about the economy's strength but also perhaps increasing the likelihood that the Federal Reserve may lower interest rates. The declines continued on Wednesday, with Bitcoin sinking to a one-month low amid a broader retreat from riskier assets on global markets owing to economic concerns, while other major cryptocurrencies also slumped. According to CoinGlass data, crypto market liquidations reached by $178 million in the last 24 hours. Bullish traders speculating on price gains accounted for $132 million in long liquidations, while short liquidations cost $46 million.
At the time of writing, signs of rebound were emerging in the crypto market.
Comments