The cryptocurrency market is facing a significant downturn, with Dogecoin's price plummeting by 20.49% to $0.289 and Ethereum's falling by 12.33% to $3,230.49.

The downturn was exacerbated by Federal Reserve Chairman Jerome Powell's announcement of a slower pace of interest rate cuts, which caught many investors off guard.

Many believe that this dip in prices could present a buying opportunity for savvy investors looking to capitalize on future gains.

In a light-hearted exchange, Markus reacted to a comment referencing the acronym 'WAGMI' (We're All Gonna Make It) with an ironic GIF, showcasing his characteristic humor amidst the market chaos.

As of December 20, 2024, Bitcoin's price has fallen to $93,726.91, reflecting an 8.15% decline in the last 24 hours, with its market capitalization now at $1.85 trillion.

Billy Markus, the founder of Dogecoin, recently shared a cryptic message on social media, reflecting on the current bearish market sentiment.

His post included a snapshot of the sharp price drops for major cryptocurrencies like Bitcoin, Dogecoin, and Ethereum, underscoring the prevailing market pessimism.

This market decline has resulted in a staggering loss of $1.2 billion across the cryptocurrency sector, primarily driven by the liquidation of long positions.

As a result of this bearish sentiment, the cryptocurrency market has witnessed the largest outflows from Bitcoin ETFs in history.

Despite the current challenges, market volumes for Bitcoin, Dogecoin, and Ethereum have surged, indicating that some investors remain optimistic and are preparing for potential rebounds.

Markus also expressed a sarcastic relief about leaving his job during this volatile period, suggesting he might be eyeing the opportunity to buy the dip.

The price of Bitcoin has seen a notable drop from previous highs, falling below $98,000 to $96,076, marking a 6.45% decline since earlier in the week.