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Michael Saylor Releases Statement on Bitcoin Amid Cryptocurrency Market Sell-Off
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Amid an ongoing sell-off in the cryptocurrency market, Michael Saylora prominent Bitcoin proponent and chairman of MicroStrategy, has released a statement on X (Twitter) which has found echo throughout the cryptocurrency industry: “Only Bitcoin.”
This two-word tweet comes at a time when the cryptocurrency market is facing significant liquidations, with the price of Bitcoin declining.
Bitcointhe largest cryptocurrency by market value, began its decline in Tuesday’s trading session, at one point reaching as low as $63,223, before falling further.
Losses deepened on Wednesday as investors considered the Fed chairman by Jerome Powell observations, with Bitcoin hitting intraday lows of $59,509. At the time of writing, BTC was down 2.85% over the past 24 hours to $60,274.
According to data from CoinGlass, the sell-off has led to the liquidation of a significant amount of cryptocurrency in the last 24 hours, totaling over $166 million. However, this has not dampened Saylor’s faith in Bitcoin, as he reiterates his desire for the cryptocurrency in his tweet.
Cryptocurrency market crashes
Cryptocurrencies fell Tuesday after Fed Chairman Jerome Powell said the central bank needed to see more progress on inflation before cutting interest rates, which are now at 5.25%-5.50%. Powell said 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 toward 2% before we begin the process of reducing or easing policy,” Powell said.
Market losses deepened after Wednesday’s economic releases indicated that the labor market is cooling. The latest data showed weaker-than-expected private payrolls growth in June, but weekly jobless claims were higher than economists had expected. The latest numbers come ahead of Friday’s highly anticipated June nonfarm payrolls report.
As the cryptocurrency market goes through a period of uncertainty, the next few days and weeks will be crucial in determining BTC price direction.
About the author
Tom Wabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and trading forecasts on estimated market trends. Tomiwabold holds a bachelor’s degree from the University of Lagos.