U.Today – As the broader cryptocurrency market continues to experience price volatility, the leading cryptocurrency (BTC) has not been spared. BTC price is hovering around $66,000 after briefly rising to $69,300 over the weekend.
In reaction to this price correction, co-founder Billy Markus, known on X as Shibetoshi Nakamoto, sent a message to Bitcoin.
What prompted the letter to Bitcoin?
In a low, light-hearted message, Dogecoin’s creator shared some genial advice that echoes the sentiment of digital asset investors.
“Dear Bitcoin, I recommend that it goes up instead of falling. I love you, Billy,” the message reads.
As the broader cryptocurrency ecosystem continues to battle the disappointment of low-price movements in digital assets, Nakamoto’s “letter to Bitcoin” has many traders intrigued. The price fluctuations are frustrating given the expectations that October brought for many.
Historically referred to as Uptober, many predicted an overall upward trajectory in digital asset prices. Some analysts even predicted that Bitcoin would exceed its all-time high (ATH) of $73,750 set before the April halving. However, Bitcoin has underperformed so far based on overall expectations.
Nakamoto’s letter is likely motivated by a desire to see what impact Bitcoin will have on altcoins. It is worth noting that the rise in Bitcoin price is reflected in other crypto assets as market sentiment turns bullish.
Price volatility hits Dogecoin holders
At the time of writing, the data shows that the price of Bitcoin has dropped by 1.03%, reaching a price of $66,756.41 per BTC. While expectations remain high that the leading digital asset will rebound soon, investors have expressed caution on trading. Market volume fell 24.18% to $27.19 billion.
Meanwhile, Dogecoin’s unpredictable volatility has made long-sellers more cautious when monitoring the bearish trend. Market analysis showed that approximately 32 million DOGEs worth $3.88 million belonging to long traders were liquidated within 24 hours.
Therefore, the Dogecoin co-founder’s letter to Bitcoin may be a call for a bullish season that will hit the broader cryptocurrency market.
