Bitcoin
Michael Saylor issues statement on Bitcoin amid crypto market sell-off
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Amid an ongoing sell-off in the cryptocurrency market, Michael Saylora prominent Bitcoin advocate and chairman of MicroStrategy, made a statement about X (Twitter) that echoed in the crypto space: “Just Bitcoin.”
This two-word tweet comes as the cryptocurrency market faces significant sell-offs as the price of Bitcoin plummets.
Bitcointhe largest cryptocurrency by market cap, began its decline in Tuesday’s trading session, hitting $63,223 at one point before falling further.
Losses deepened on Wednesday as investors considered Fed Chairman By Jerome Powell observations, with Bitcoin hitting intraday lows of $59,509. At the time of writing, BTC is down 2.85% in the past 24 hours to $60,274.
According to data from CoinGlass, the sell-off has resulted in a significant amount of cryptocurrencies being liquidated in the past 24 hours, totaling over $166 million. However, this has not deterred Saylor’s confidence in Bitcoin, as he reiterates his longing for the crypto asset in his tweet.
Cryptocurrency market crashes
Cryptocurrencies fell on Tuesday after Fed Chairman Jerome Powell said the central bank needs to see more progress on inflation before cutting interest rates, which are now at 5.25%-5.50%. Powell revealed at a monetary symposium in Sintra, Portugal, that the United States is moving closer to a disinflationary path.
“We want to be more confident that inflation is moving sustainably downward toward 2% before we begin the process of tapering or easing policy,” Powell said.
Market losses deepened after Wednesday’s economic releases that indicated the labor market is cooling. Recent data showed weaker-than-expected private payroll growth in June, but weekly jobless claims were higher than economists had forecast. The latest figures come ahead of the highly anticipated June nonfarm payrolls report on Friday.
As the cryptocurrency market goes through a period of uncertainty, the coming days and weeks will be crucial in determining BTCs price direction.
About the author
Tomiwabold Olajide
Tomiwabold is a seasoned cryptocurrency analyst and technical analyst. He focuses heavily on cryptocurrency research, conducting comprehensive price analysis, and predicting exchange market trends. Tomiwabold graduated from the University of Lagos.