PakGazette – In a light-hearted tweet, co-founder Billy Markus, who goes by “Shibetoshi Nakamoto” on X, reacted to the recent price drop of more than 5%. Markus humorously commented, “Bitcoin ate some fast food this morning,” while sharing a chart of Bitcoin to illustrate its price drop.
The Dogecoin founder’s claim that “bitcoin ate some fast food” could jokingly imply that the leading cryptocurrency experienced a rapid decline, much like enjoying fast food.
His comment comes amid a broader market sell-off that has seen significant sell-offs in several digital assets.
At the time of writing, the overall crypto market capitalization was down 6.28% in the last 24 hours to $3.35 trillion, according to CoinMarketCap. Bitcoin is down 5.61% in the last 24 hours to $95,607. Most other major cryptocurrencies also fell, with Dogecoin down 8.3% and nearly 12%.
Bitcoin price falls
Bitcoin’s recent decline is part of a broader slowdown in the cryptocurrency market, with more than $711 million in liquidations reported across various assets, according to data from CoinGlass.
Bitcoin hit 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, adding to a sell-off in U.S. stocks as new economic data fueled rising Treasury yields.
An Institute for Supply Management report on better-than-expected U.S. service providers contained a measure of price paid that hit its highest level since early 2023, while other data showed U.S. job postings rose more than expected. provided.
Bitcoin continued its losses on Wednesday, hitting an intraday low of $95,222 at the time of writing, falling below the daily SMA 50 at $97,689, where it was trading in late December before beginning to recover in early 2025.
On the macroeconomic front, investors are awaiting labor market data due on Wednesday, as well as the minutes of the Federal Reserve’s December meeting.
