On social media platform X, Dogecoin co-creator Billy Markus (also known as “Shibetoshi Nakamoto”) jokingly responded to Bitcoin‘s 5% price decrease by tweeting, “Bitcoin seems to have eaten a big burger this morning.” To support his humor, he accompanied the post with a chart showing Bitcoin’s price drop.
bitcoin ate some fast food this morning
— Shibetoshi Nakamoto (@BillyM2k) January 7, 2025
The creator of Dogecoin’s remark that “bitcoin took a bite out of a fast-food meal” could be seen as a lighthearted way of suggesting that the primary cryptocurrency had a sudden drop, similar to overindulging in fast food.
In the midst of a widespread market downturn, my observation aligns with substantial liquidations occurring across numerous digital assets.
Currently, at the point of composition, the total crypto market capitalization has dropped by approximately 6.28% over the past 24 hours to a value of around $3.35 trillion, according to CoinMarketCap. Bitcoin experienced a decrease of about 5.61%, placing its current value at $95,607. The majority of significant cryptocurrencies have also seen declines, with Ethereum decreasing by 8.3% and Dogecoin falling nearly 12%.
Bitcoin price declines
The current drop in Bitcoin’s value is simply a piece of a broader slump happening within the crypto market. According to CoinGlass, this slump has led to approximately $711 million in liquidations across different cryptocurrencies.
On Monday, Bitcoin climbed to an unprecedented peak of $102,735, marking the first time since December 19. However, this surge above $100,000 proved fleeting. By Tuesday, Bitcoin plunged to its lowest point in over two weeks, reaching a low of $96,105. This downturn coincided with a broader sell-off in U.S. stocks, as fresh economic data caused Treasury yields to skyrocket.
As a researcher, I was pleasantly surprised to find that the Institute for Supply Management’s report on U.S. service providers exceeded expectations. Particularly noteworthy was the price-paid measure, which reached its peak since the start of 2023. Additionally, other data indicated that U.S. job openings climbed higher than forecasted.
On Wednesday, Bitcoin experienced further declines, hitting a low of around $95,222 as of now. This dip took it below the Simple Moving Average (SMA) 50, which was at approximately $97,689, a level where it traded in late December before its recovery in early 2025 started.
Investors eagerly anticipate the release of labor market statistics on Wednesday, along with the minutes from the Federal Reserve’s December meeting, which could provide insights into the broader economic landscape.
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2025-01-08 16:59