Markets
Michael Saylor Issues Statement on Bitcoin Amid Cryptocurrency Market Selloff by U.Today
U.Today – As the cryptocurrency market sees a sharp decline, prominent advocate and MicroStrategy Chairman Michael Saylor made a statement on X (Twitter) that resonated in the crypto space: “Just Bitcoin.”
The two-word tweet comes as the cryptocurrency market faces significant sell-offs, with the price of Bitcoin falling.
Bitcoin, the largest cryptocurrency by market capitalization, began its decline during Tuesday’s trading session, hitting $63,223 at one point before falling further.
Losses deepened on Wednesday as investors took note of remarks from Fed Chairman Jerome Powell, with Bitcoin hitting an intraday low of $59,509. At the time of writing, BTC was down 2.85% over the past 24 hours, at $60,274.
According to data from CoinGlass, the selloff has seen a significant number of cryptocurrencies liquidated in the past 24 hours, totaling over $166 million. However, this hasn’t shaken Saylor’s confidence in Bitcoin, as he reiterates his desire for the crypto asset in his tweet.
Cryptocurrency Market Drops
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 currently 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 toward 2 percent before we begin the process of reducing or easing policy,” Powell said.
The market’s losses deepened after economic data released Wednesday indicated that the labor market is cooling. The data released recently showed weaker-than-expected private wage growth in June, but weekly jobless claims were higher than economists had expected. 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 next few days and weeks will be crucial in determining the direction of BTC price.