U.Today – As the price fell to around $64,000, Michael Saylor, CEO and co-founder of MicroStrategy, took to the X to share his unwavering support for the leading cryptocurrency. Cryptocurrency prices fell after the Fed announced Wednesday that interest rates would remain steady.
The Federal Reserve left interest rates unchanged at the end of its July meeting and gave no sign that a long-awaited rate cut in September was certain.
US Federal Reserve Chairman Jerome Powell noted that while no decisions have been made yet on a September interest rate cut, “overall we are getting closer” to an interest rate cut.
In his tweet, Saylor simply stated, “We love this coin,” maintaining his bullish stance despite the recent market decline.
Under Saylor’s leadership, MicroStrategy has amassed a massive amount of Bitcoin, making it one of the largest corporate holders of the cryptocurrency. As of June 20, MicroStrategy had purchased 226,331 BTC for about $8.33 billion at an average price of $36,798.
The cryptocurrency community continues to closely monitor Bitcoin price movements and near-term events.
$225 million in liquidation achieved in 24 hours
Traders betting on rising cryptocurrency prices were forced to quickly close their positions tardy Wednesday evening as the cryptocurrency market fell sharply. Cryptocurrency liquidations rose sharply in the past 24 hours, reaching $230.94 million, according to CoinGlass data.
During this period, long liquidations in the cryptocurrency market amounted to $208.01 million, representing the majority of positions betting on price direction. A total of $22.95 million of low positions were also liquidated, according to CoinGlass data.
The majority of liquidations were in the cryptocurrency , which accounted for $54.64 million of long positions, followed by $51.64 million in Bitcoin.
Bitcoin fell below $65,000, losing 3.36% in the last 24 hours to trade at around $64,093.
