Michael Saylor Issues Statement Amid Bitcoin Price Decline

As Bitcoin’s price continues to experience significant pressure, MicroStrategy's Michael Saylor has delivered a strong message to the crypto community:

His tweet comes as market sentiment is marked by fear and uncertainty, as indicated by the Crypto Fear and Greed Index. Saylor’s advice appears aimed at discouraging panic selling during this volatile period.

You do not sell your #Bitcoin.

— Michael Saylor⚡️ (@saylor) September 6, 2024

After a brief uptick following the U.S. jobs report on Friday, the cryptocurrency market quickly reversed gains, with Bitcoin (BTC) dropping to its lowest point in a month. Initially, Bitcoin surged above $57,000 after the jobs data release, but it soon fell below $54,000, reaching levels not seen since early August.

This price drop led to significant liquidations, with crypto derivatives markets seeing nearly $292 million wiped out in the last 24 hours, primarily from traders who had bet on further price gains, according to CoinGlass data.

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Julio Moreno, head of research at CryptoQuant, attributes Bitcoin’s poor performance to weakening demand, stating that most valuation metrics are currently in bearish territory.

CryptoQuant’s CEO tweeted yesterday that Coinbase’s dominance in Bitcoin spot trading volume has reverted to levels seen before the introduction of spot ETFs. He emphasized that for the bullish trend to persist, there must be a recovery in U.S. demand, predicting this might occur in Q4 but acknowledged the uncertainty.

“We’re mid-cycle and haven’t reached the retail bubble yet.”

Alexander Stefanov