Amid a significant downturn in the cryptocurrency market, Michael Saylor, chairman of MicroStrategy and a prominent Bitcoin advocate, has made a resonating statement on Twitter: “Just Bitcoin.” This brief tweet arrives as the market faces substantial liquidations, with Bitcoin’s price notably declining.
During Tuesday’s trading session, Bitcoin, the largest cryptocurrency by market value, saw its price fall to $63,223 before dropping further on Wednesday. This decline was influenced by remarks from Federal Reserve Chair Jerome Powell, who suggested that more progress on inflation is needed before reducing interest rates, currently at 5.25%-5.50%. These comments contributed to Bitcoin’s intraday low of $59,509 and a 24-hour decrease of 2.85%, bringing the price to $60,274 at the time of writing.
Data from CoinGlass reveals that over $166 million in cryptocurrencies were liquidated within the last 24 hours. Despite this, Saylor’s confidence in Bitcoin remains unwavering, as emphasized in his tweet.
Powell’s comments were made at a monetary symposium in Sintra, Portugal, where he indicated that the United States is moving closer to a disinflationary path. He stressed the need for more evidence of sustainable inflation reduction towards 2% before policy adjustments could begin.
Market losses deepened with the release of economic data showing weaker-than-expected private payroll growth in June and higher weekly jobless claims, ahead of the anticipated nonfarm payroll report.
As the cryptocurrency market navigates this period of uncertainty, the upcoming days and weeks will be crucial in determining Bitcoin’s price direction.
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