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As financial markets took a sudden bearish turn early Friday, the cryptocurrency market was not spared. Bitcoin, the world's largest cryptocurrency, fell sharply, reaching a low of $107,327, as investors considered macroeconomic concerns.
Amid the drop, Strategy founder Michael Saylor has responded with characteristic optimism. In a tweet, Saylor wrote, "No tariffs on Bitcoin."
Saylor’s tweet, simple yet telling, suggests a continued belief in Bitcoin as a global, ungoverned asset unaffected by macroeconomic factors impacting traditional markets.
This week, Michael Saylor’s Strategy announced an intention to sell up to $2.1 billion of 10% perpetual strife preferred stock. The latest offering came as Bitcoin reached an all-time high.
Bitcoin reached new highs this week, surpassing $111,000 for the first time on Thursday, driven by institutional demand and regulatory certainty in the crypto sector. The rise that drove Bitcoin to new highs this week increased its market capitalization to $2.2 trillion for the first time.
Bitcoin price drops
At press time, Bitcoin was hovering just under $109,000, seeing a pullback on profit-taking, as is to be expected after upward movements.
The sell-off increased as risk assets, including Bitcoin, fell sharply during early morning U.S. hours on Friday amid macroeconomic uncertainty, while U.S. stock index futures quickly fell from moderate gains to almost 2% declines. After reaching a high of $112,000 on Coinbase, Bitcoin sharply fell, reaching lows of $107,327.
At press time, Bitcoin was down 2.44% in the last 24 hours to $108,501, with other crypto assets following suit. Crypto liquidations totaled $540 million, according to CoinGlass data.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team