As a seasoned analyst with over a decade of experience in the cryptocurrency market, I find myself constantly intrigued by the antics and insights shared by industry veterans like Billy Markus, also known as Shibetoshi Nakamoto, the creator of Dogecoin. His latest remarks about Bitcoin’s reaction to the Fed Reserve’s interest rate cut are nothing short of amusing yet insightful.
Billy Markus, also recognized as Shibetoshi Nakamoto on the X platform, who jointly developed the popular meme cryptocurrency Dogecoin with Jackson Palmer in 2013, has expressed his thoughts on how Bitcoin’s price responded to the significant rate cut by the Federal Reserve.
In a characteristically witty tone, Markus noted that, contrary to all optimistic predictions, the most prominent cryptocurrency in the world had bucked the trend.
DOGE creator mocks Bitcoin bulls
On Wednesday, during their scheduled meeting, the U.S. Federal Reserve (Fed) finally made the anticipated move to lower interest rates by 0.5 percentage points (50 basis points). Prior to this decision, experts had been discussing whether the reduction would be 0.25 or 0.5 percentage points; however, Fed Chairman Jerome Powell announced the larger cut of 0.5%.
2021 marked the first time a rate cut occurred since 2020, a year when the world experienced the pandemic’s outbreak. Interestingly, in the same year, Bitcoin underwent its third halving, and as a result of this and other contributing factors, the most prominent cryptocurrency reached two record highs. One of these highs was nearly at the $69,000 price point, which it achieved during the fall season.
2024 saw a Bitcoin halving occur in April, which was then followed by a significant reduction in interest rates. Investors of Bitcoin anticipated that its value would soar; however, following a brief spike directly after the interest rate cut declaration by Powell, the price plummeted instead.
WHAT IS THIS
A RALLY FOR ANTS
— Shibetoshi Nakamoto (@BillyM2k) September 18, 2024
Billy Markus highlighted this point to his X number of followers, posting images showing the fluctuating prices of the S&P 500 index against BTC/USD and ETH/USD, initially climbing up before taking a steep descent.
WTFFFFF
— Shibetoshi Nakamoto (@BillyM2k) September 18, 2024
Despite earlier drops, Bitcoin has shown a strong rebound of 4.64%, climbing from $59,380 to $62,135 following the reduction in interest rates, with its response indicating continued market interest.
Markus slams Vitalik Buterin and crypto conferences
According to a report from U.Today, Ethereum co-creator Vitalik Buterin captivated the crowd at the TOKEN2049 crypto and blockchain conference in Singapore with an impressive stage performance that included singing.
As an analyst, I’ve observed a fair share of criticism from significant figures within the cryptocurrency community regarding certain actions. Specifically, this includes Bitcoin maximalist Samson Mow and Billy Markus, the co-founder of Dogecoin. In a recent tweet, Billy expressed his desire for all crypto conferences to be prohibited.
Mow tweeted that Vitalik’s performance again proved to him that Ethereum was “dead.”
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2024-09-19 11:25