Dogecoin CoFounder Criticizes Bitcoin as BTC Value Plunges Below 58k
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**Key Points in the Crypto World Today**
The cryptocurrency market has encountered a notable downturn within the last 24 hours, witnessing its total market capitalization dip below $2.5 trillion—a significant 5% decline in just one day.
**Bitcoin Takes a Dive**
Bitcoin, reigning supreme in the crypto sphere, has been particularly hard hit, plummeting by 5.33% from $63,940 to $57,166.
**Highlights**
Dogecoin’s co-founder, Billy Markus, recently expressed frustration over Bitcoin’s decline, tweeting a succinct “Dammit Bitcoin.”
Federal Reserve Chair Jerome Powell’s warning about unsustainable deficit levels has also cast a shadow over Bitcoin’s recent performance.
Spot Bitcoin ETFs have seen $20.5 million in net outflows, with Grayscale’s GBTC leading the way.
**Detailed Insights**
The crypto market’s recent downturn has not escaped notice, especially with Bitcoin, the stalwart of digital currencies, experiencing a substantial drop from $63,940 to $57,166, marking a decline of 5.33%.
**Billy Markus Voices Frustration**
In a tweet that resonated widely among crypto enthusiasts and investors, Billy Markus, co-founder of the meme-based cryptocurrency Dogecoin, voiced his frustration with Bitcoin’s recent performance simply stating, “Dammit Bitcoin.”
**Market Dynamics**
As Bitcoin flirted with the $60,000 mark, attempts by traders to buy the dip triggered aggressive liquidations of long positions, a trend mirrored in Ethereum and Solana, underscoring widespread market volatility. Markus’s tweet captured the sentiment of many investors disillusioned by Bitcoin’s struggle to maintain bullish momentum.
**Mixed Reactions**
Responses to Markus’s tweet varied: some shared their own frustrations with recent market downturns, while others viewed it as a call to remain optimistic, believing in Bitcoin’s enduring potential despite temporary setbacks.
**Federal Reserve’s Influence**
Adding to the market’s unease, Federal Reserve Chair Jerome Powell cautioned against the unsustainable nature of current deficit levels, signaling a critical phase for the Fed. This caution has further contributed to the financial instability affecting the cryptocurrency market.
**Spot Bitcoin ETF Weakness**
Highlighting Bitcoin’s price decline, spot Bitcoin ETFs reported daily net outflows of $20.5 million on Wednesday, July 3. Grayscale’s GBTC recorded $27 million in outflows, with Fidelity’s FBTC being the sole ETF to see inflows, amounting to $6.5 million, while others reported zero inflows.
**Looking Ahead**
Amid these challenges, investors and enthusiasts alike will closely monitor for signs of recovery or further decline in the coming days.
**Also Read**
Bitcoin’s Recent Slide: Analyzing the Market Fallout
**Tags**
Bitcoin, Price Analysis
This rewrite retains the essence of the original article while presenting the information in a fluent, accurate, and grammatically correct manner.