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Michael Saylor Reacts to Bitcoin Price Restart on CPI News
Goffredo Beniamino
Michael Saylor reacts as Bitcoin (BTC) price sees dramatic rise
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MicroStrategy President Michael Saylor shared a epic reaction to Bitcoin (BTC) increase with the publication of consumer price index (CPI) data.
Michael Saylor’s reaction
Saylor posted a photo of Bitcoin with the hashtag “Bitcoin World Order” on Platform X. Kraken Exchange responded to the post, saying, “The future of Bitcoin looks bright.”
According to the latest CoinMarketCap data, Bitcoin is trading at $64,222, up 3.98% in the last 24 hours. This increase in the price of Bitcoin is quite notable as the cryptocurrency has failed to surpass the $64,000 mark in recent times.
Notably, the surge comes later publication of US Consumer Price Index (CPI) data, showing a decline of 3.4% year-on-year. These data are in line with analysts’ expectations, explaining the reason for the surge in the price of Bitcoin.
Index swap traders now expect a faster pace of rate cuts following the latest CPI data. Additionally, the Federal Reserve is expected to reduce borrowing costs in September and December.
As previously reported by U.TodaySaylor predicts that U.S. pension funds, which collectively manage more than $27 trillion in assets, will need “some Bitcoin.”
What is the future of Bitcoin
Bitcoin’s future prospects look promising. With trading volume up 8.8% over the past day, there is hope that the leading digital asset could see further increases soon. Factors that could contribute to the rise in the coin’s price include the stabilization of Bitcoin spot Exchange Traded Funds (ETF) assets.
During the recent BTC price decline, volume analysis showed an increase in buying activity. This indicates strong support from buyers at lower price levels.
Typically, this accumulation phase often precedes a rise in prices, as investors take advantage of lower prices to build their positions.
As investors await the next price levels for major digital assets, it is noteworthy that volatility is inherent in the cryptocurrency market.
About the author
Goffredo Beniamino
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for cryptocurrencies was born when, as a former banker, he discovered the obvious advantages of decentralized money compared to traditional payments. With his vast experience covering various aspects of Web3, Godfrey’s articles have been published in Blockchain.news, Cryptonews, and Coingape, among others.