Dogecoin co-founder predicts Bitcoin will reach $100,000
The largest cryptocurrency, Bitcoin, has reached a 5% decline from the $20,000 level, which it has maintained for a couple of weeks. But during the brief rally a few weeks back, Bitcoin’s valuation recovered from its 3-month low, shooting above $21,000.
These gains brought hope to the crypto market and boosted investor confidence that the crypto winter is coming to an end. However, the November 7 market record has dashed their hopes, with many cryptocurrencies falling back to their lows, including Bitcoin and Ethereum.
But Billy Markus, the co-creator of Dogecoin, believes that Bitcoin could reach $100,000 one day. He said this in response to Madam Doge, a Twitter user who lamented BTC’s current price while citing Michael Saylor’s Bullish Bitcoin Predictions.
Markus added that the Bitcoin price would reach that much in a future where $100k would only buy a sandwich due to inflation or when the current users may have already died. The conversation began with Madam Doge complaining and asking why the Bitcoin price fell, while Markus said it was due to massive selling.
Possible Reasons Behind Bitcoin Decline
Over the past 24 hours, Bitcoin has fallen below $20,000 and is currently trading around the $19,500 level. The asset traded at $20,400 24 hours ago, the level it managed to maintain for two weeks. The performance made the market think that BTC is going back up.
According to a Coinglass report, $112.83 million worth of cryptocurrency was liquidated, while 95% of long positions were wiped out. More data on the massive sale also followed, revealing $300 million worth of liquidations.
Market volatility often depends on Bitcoin’s performance. However, the current one is different. The liquidation data shows that Ethereum and FTT were likely the cause of Bitcoin’s massive selloff.
The feud between Binance and FTX resulted in a 19% drop in FTT value. Furthermore, due to potential insolvency issues, FTX decided to raise funds by selling its Ethereum holdings. Santiment’s report confirmed the increase in selling pressure. The blockchain analytics firm also confirmed the offloading of ETH from FTX’s ETH wallets.
Within days, FTX withdrew 300,000 ETH from the wallet, resulting in heavy selling pressure in the Ethereum markets. As a result, Ethereum and XRP are down 6%, and ETH is falling below the psychological level of $1,500.
Dogecoin and other Memecoins fall back
Meanwhile, the meme coins that have been in the spotlight following Elon Musk’s Twitter acquisition are also down. For example, Dogecoin is faring much worse than Bitcoin and Ethereum, with roughly a 15% loss in valuation, while Shiba Inu (SHIB) fell 8%.
DOGE is currently trading at $0.08667, with a trading volume of $2,152,858,888.09. SHIB’s current price is falling, with a 24-hour trading volume of $493,920,114.
featured Image From CNBC, Charts From Tradingview.com
