HomeCryptoMichael Saylor Releases Statement on Bitcoin in Response to Crypto Market Downturn,...

Michael Saylor Releases Statement on Bitcoin in Response to Crypto Market Downturn, According to U.Today

-


Michael Saylor’s “Just Bitcoin” Tweet Amid Crypto Market Sell-Off

The cryptocurrency market is currently experiencing a significant sell-off, with Bitcoin’s price taking a hit. In the midst of this turmoil, Michael Saylor, the chairman of MicroStrategy and a well-known advocate for Bitcoin, has made a bold statement on Twitter that has caught the attention of the crypto community: “Just Bitcoin.”

Saylor’s two-word tweet comes at a time when Bitcoin’s price has been on a downward trend. The leading cryptocurrency started its decline on Tuesday, dropping to $63,223 before falling even further. By Wednesday, Bitcoin had reached intraday lows of $59,509, marking a 2.85% decrease in the last 24 hours to $60,274.

The sell-off in the crypto market has led to the liquidation of over $166 million worth of cryptocurrencies in the past day. Despite this, Saylor remains steadfast in his belief in Bitcoin, as evidenced by his recent tweet.

The market downturn can be attributed to comments made by Federal Reserve Chair Jerome Powell, who stated that the central bank needs to see more progress in inflation before considering a decrease in interest rates. Powell’s remarks at a monetary symposium in Portugal indicated that the US is moving towards a disinflationary path.

Additionally, economic data released on Wednesday revealed weaker-than-expected private payroll growth in June, along with higher weekly jobless claims. These figures have added to the uncertainty in the market as investors await Friday’s nonfarm payroll report for further insights.

As the crypto market grapples with these challenges, the coming days and weeks will be crucial in determining the direction of Bitcoin’s price. Stay tuned for more updates on this developing story.

LATEST POSTS

Over the past 24 hours, exchanges witness $295 million in liquidations in the crypto market.

Bitcoin Faces Heavy Selling Pressure, Falls Below $60,000 Support Level Bitcoin faced heavy selling pressure in the past 24 hours, causing the digital asset to...

Bearish Pressure Impeding Potential Recovery

Ethereum Price Decline and Analysis The price of Ethereum has taken a hit as it failed to clear the $3,520 zone and started a fresh...

Meme Coins Surpass Bitcoin in 2024 First Half’s $600 Billion Crypto Rally

The Rise of Meme Coins and Lesser-Known Cryptocurrencies in 2024 In the fast-paced world of digital assets, the first half of 2024 has been dominated...

SEC Responds to Ripple’s Binance Case Argument, Rejects in Final Filing

Latest Developments in the Ripple vs. SEC Case: SEC Responds to Ripple's Latest Filing The Ripple vs. SEC case continues to heat up as the...

Most Popular