U.Today – Amid the ongoing cryptocurrency sell-off, Michael Saylor, prominent advocate and CEO of MicroStrategy, made a statement on X (Twitter) that resonated throughout the cryptocurrency space: “Just Bitcoin.”
The two-word tweet comes at a time when the cryptocurrency market is seeing major liquidations and the price of bitcoin is falling.
Bitcoin, the largest cryptocurrency by market value, began a downward trend during Tuesday’s trading session, at one point reaching $63,223 before falling even further.
Losses deepened on Wednesday as investors weighed in on remarks from Fed Chairman Jerome Powell, with Bitcoin hitting intraday lows of $59,509. At the time of writing, BTC is down 2.85% in the past 24 hours to $60,274.
According to data from CoinGlass, the sell-off led to the liquidation of a significant amount of cryptocurrencies in the past 24 hours, totaling over $166 million. However, that hasn’t discouraged Saylor from believing in Bitcoin, as he reiterated in his tweet that he misses the cryptoasset.
The cryptocurrency market is falling
Cryptocurrencies fell Tuesday after Federal Reserve Chairman Jerome Powell said the central bank needs to see more progress in inflation before it cuts interest rates, which currently stand at 5.25%-5.50%. Powell revealed at a monetary symposium in Sintra, Portugal, that the United States is inching closer to a disinflationary path.
“We want to see more confidence that inflation is sustainably declining toward 2% before we begin the process of reducing or easing policy,” Powell said.
The market’s losses deepened after Wednesday’s economic data showed a cooling labor market. The latest data showed weaker-than-expected private-sector wage growth in June, but weekly jobless claims were higher than economists had predicted. The latest data comes ahead of Friday’s highly anticipated nonfarm payrolls report for June.
As the cryptocurrency market grapples with a period of uncertainty, the coming days and weeks will be crucial in determining the direction of BTC prices.
