Bitcoin plummeted by 7.33% today, and the founder of Dogecoin commented on the recent Bitcoin crash

Billy Markus, known as “Shibetoshi Nakamoto” on X/Twitter, is the software engineer behind the creation of Dogecoin, the original meme cryptocurrency, in 2013, alongside Jackson Palmer. Despite quitting the project shortly after its launch, Markus remains active on X/Twitter, often sharing insights on crypto market dynamics. Recently, he commented on the Bitcoin price crash, offering a humorous take through a meme referencing Star Wars II.

Markus posted a meme depicting "Bitcoin" jokingly warning about crashing on April Fool’s Day, hinting at the recent plunge in Bitcoin's value. Indeed, Bitcoin witnessed a startling 7.33% decline today, shedding several thousand dollars in value within hours, plummeting from $69,700 to $64,700.

Factors Behind Bitcoin's Sudden Downturn: Outflows from Grayscale ETF, Interest Rate Speculations, and Market Liquidations

Several factors contributed to this sudden downturn. On April 1, Grayscale ETF experienced outflows exceeding $302 million, and prospects of the Federal Reserve reducing interest rates appeared dim. These developments likely exerted downward pressure on Bitcoin. Additionally, the cryptocurrency market saw approximately $500 million in liquidations, with the largest single liquidation valued at nearly $8 million in crypto, according to data from CoinGlass.

Markus has previously expressed skepticism about predicting cryptocurrency price movements, particularly for Bitcoin. He views cryptocurrencies primarily as speculative assets and cautions against holding them for extended periods, citing concerns about mental well-being.

As the crypto market experiences fluctuations, Markus's lighthearted commentary reminds investors to maintain perspective and resilience during turbulent times.