In a lighthearted tweet, Dogecoin co-founder Billy Markus, who goes by “Shibetoshi Nakamoto” on X, has reacted to Bitcoin’s recent price drop of over 5%. Markus humorously commented, “bitcoin ate some fast food this morning,” while sharing a Bitcoin chart to illustrate its price drop.
bitcoin ate some fast food this morning pic.twitter.com/xe8ZfW8FQ2
— Shibetoshi Nakamoto (@BillyM2k) January 7, 2025
The Dogecoin’s founder’s statement that “bitcoin ate some fast food” might playfully imply that the leading cryptocurrency experienced a quick dip, much like indulging in fast food.
His comment comes amid a broader market sell-off that has seen significant liquidations across various 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, per CoinMarketCap. Bitcoin was down 5.61% in the last 24 hours to $95,607. Most other major cryptocurrencies slid as well, with Ethereum down 8.3% and Dogecoin off almost 12%.
Bitcoin price declines
Bitcoin’s recent decline is part of a wider downturn on the cryptocurrency market, with over $711 million in liquidations reported across various assets, per CoinGlass data.
Bitcoin reached a high of $102,735 on Monday for the first time since Dec. 19, but its return above $100,000 was short-lived. On Tuesday, Bitcoin fell the lowest in more than two weeks, reaching a low of $96,105, joining a sell-off in U.S. stocks as fresh economic data drove Treasury yields surging.
A better-than-expected Institute for Supply Management report on U.S. service providers contained a price-paid measure that reached its highest level since early 2023, while other data showed that U.S. job openings surged more than predicted.
Bitcoin continued its losses on Wednesday, reaching an intraday low of $95,222 at the time of writing, dropping below the daily SMA 50 at $97,689, where it traded in late December before beginning to rebound at the start of 2025.
On the macroeconomic front, investors are awaiting labor market data scheduled for Wednesday, as well as the minutes from the Federal Reserve’s December meeting.