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Michael Saylor Breaks Silence on Bitcoin Returning Above $63K
Yuri Molchan
MicroStrategy co-founder addressed the Bitcoin community regarding BTC’s recent price rally, but analysts still predict a sell-off ahead
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Famous Bitcoin promoter, co-founder and executive chairman of MicroStrategy, Michael Saylortook to social media platform X (formerly known as Twitter) to comment on BTC’s impressive surge of nearly 5% over the past 24 hours, as it regained the $63,000 level and even managed to briefly surpass $63,560.
Saylor posted a message calling for a bullish Bitcoin rally, addressing the global BTC community.
Michael Saylor’s Statement on Bitcoin
The vocal Bitcoiner met the sudden BTC price increase with cool triumph and urged the cryptocurrency community to sell US dollars to buy Bitcoin with the proceeds.
He tweeted only two words: “Sell” and “Buy.” The initials of these words, “S” and “B,” clearly form the symbols for the U.S. dollar and the world’s leading digital currency.
Last week, Bitcoin fell from the $64,470 level, losing a massive 7%. The gradual recovery began on Friday, when BTC rebounded and rallied 3.35%, reaching $61,980 by Sunday. The subsequent surge pushed the largest cryptocurrency back above $63,000 and above $63,500.
At this point, however, a small rebound occurred and Bitcoin changed hands at $63,200.
However, as the battered cryptocurrency exchange Mt. Gox begins paying out BTC to investors this week, JP Morgan analysts expect a massive sell-off to begin. The exchange will pay out $9 billion in Bitcoin.
New Bitcoin ETF inflows
According to a recent report from analytics account @lookonchain, spot Bitcoin ETFs saw a cumulative inflow of over $36.5 million into cryptocurrencies on June 28; nine ETFs added approximately 596 BTC. The largest inflow was recorded by the Invesco Galaxy ETF, with 152 BTC. It was followed by Bitwise Bitcoin ETF, which raised 131 BTC. Exchange-traded fund Fidelity sucked in 109 BTC.
The lowest inflow was recorded by Ark Invest which hosted 30 BTC. Bitcoin ETFs have dominated the market since mid-January. At that time, the US SEC regulator granted approval to identify BTC funds, allowing them to start trading. Since then, these ETFs have been accumulating Bitcoin on a daily basis. Before the halving in the second half of April, ETFs were collecting more than 10,000 BTC per day.
About the author
Yuri Molchan
Yuri is interested in technology and technical innovations. He has been writing about DLT and cryptocurrencies since 2017. He believes that blockchain and cryptocurrencies have the potential to transform the world in the future in many ways. He has written for several media outlets about cryptocurrencies. His articles have been cited by crypto influencers such as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.