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Michael Saylor Issues Statement on Bitcoin Amid Cryptocurrency Market Selloff
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Amid continued selling in the cryptocurrency market, Michael Saylora prominent Bitcoin advocate and chairman of MicroStrategy, made a statement on X (Twitter) which 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.
Bitcointhe largest cryptocurrency by market value, began its decline during Tuesday’s trading session, hitting $63,223 at one point before falling further.
Losses widened Wednesday as investors considered Fed chair nomination Jerome Powell remarks, with Bitcoin hitting intraday lows at $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 navigates a period of uncertainty, the coming days and weeks will be critical in determining BTC price direction.
About the Author
Tomiwabold Olajide
Tomiwabold is an experienced cryptocurrency analyst and technical analyst. He pays special attention to cryptocurrency research, conducting comprehensive price analyses and trading forecasts on estimated market trends. Tomiwabold graduated from the University of Lagos.