Thursday, October 6, 2022
HomeAltcoinsDOGE creator and Elon Musk takes jibe over current crypto market situation

DOGE creator and Elon Musk takes jibe over current crypto market situation

IT engineer Billy Markus, who co-founded the first joke coin DOGE in 2013 as a satire on Bitcoin with Jackson Palmer, has taken the help of Twitter on September 22, to conclude the recent developments in the world and in the cryptocurrency sector, by using the sarcastic thumbs-up emoji and the phrase “things can always get worse.” Centimillionaire Elon Musk responded to that statement.

Doge creator Twitter post

Doge creator

Bitcoin hit by the interest rate hike

As several market analysts had predicted, the Federal Reserve increased interest rates by 75 basis points on September 21, coinciding with the development of the European war.

Following this information, the most popular digital currency, Bitcoin, displayed a drop well below the $19,000 mark, reaching a low of $18,293. BTC has finally recovered and is trading at $18,877 after hitting $19,317 earlier today.

In a post referring to the Federal Reserve report, Chinese crypto writer and blogger Colin Wu stated that “inflation remains high, reflecting supply and demand imbalances associated to the pandemic, higher food and energy prices, and broader pricing pressures.”

Since May of this year, the Fed has increased interest rates on a regular basis, which has increased the pressure on risky assets like Bitcoin.

Mike Novogratz, the head of Galaxy Digital fund and a former fund manager at Goldman Sachs, recently claimed in an interview that Bitcoin will start to rise once the Fed changes its aggressive monetary policy back to quantitative easing.

Bitcoin able to retake the $24,000 level in August and the early part of September, reaching a high of $24,588, after trading at the same levels as they are today in July.

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