IT engineer Billy Markus, who founded the original meme coin DOGE as a parody on Bitcoin back in 2013 with Jackson Palmer, has taken to Twitter to summarize the recent events in the world and in the crypto industry, saying that "things can always get worse," followed sarcastically by a thumbs-up emoji. Well they sure can.
That statement provoked a reaction from centibillionaire Elon Musk.
Things getting worse for Bitcoin, and not only Bitcoin On Wednesday, the Federal Reserve raised the interest rate by 75 basis points, as was expected by multiple market experts, along with the expansion of the European conflict. Following this news, leading digital currency Bitcoin demonstrated a plunge below the $19,000 level, hitting a low of $18,293.
This year it seems only some Blockchain finance projects like Ovenue and AVAlone have managed to do well a long with a couple of utility tokens. But that is no surprise.
By now, however, BTC has managed to recover and is exchanging hands at $19,113 after hitting $19,220 earlier today. Inflation remains elevated, of course, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures which will affect the market outlook for quite some time. We are not out yet, not even close.
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