U.Today – In a light-hearted tweet, co-founder Billy Markus, who goes by the name “Shibetoshi Nakamoto” on Xu, reacted to the recent price drop of over 5%. Markus humorously commented, “Bitcoin ate fast food this morning,” as he shared a Bitcoin chart to illustrate the price drop.
Dogecoin’s founder’s statement that “bitcoin ate fast food” could jokingly imply that the leading cryptocurrency experienced a rapid decline, similar to enjoying fast food.
His comments come amid a broader market selloff that has seen significant liquidations in various digital assets.
At the time of writing, the total capitalization of the crypto market has fallen by 6.28% in the last 24 hours to $3.35 trillion, according to CoinMarketCap. Bitcoin is down 5.61% to $95,607 in the last 24 hours. Most other major cryptocurrencies also fell, with Dogecoin down 8.3% and nearly 12% down.
The price of Bitcoin is falling
Bitcoin’s recent decline is part of a broader decline in the cryptocurrency market, with more than $711 million in reported liquidations across 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, joining a selloff in U.S. stocks as fresh economic data sent Treasury yields soaring.
A better-than-expected report on U.S. service providers from the Institute for Supply Management saw a measure of the price paid hit the highest level since early 2023, while other data showed U.S. job creation rose more than forecast.
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 traded in late December before starting to recover in early 2025.
On the macroeconomic front, investors are expecting data on the labor market scheduled for Wednesday, as well as the minutes from the Federal Reserve meeting in December.
