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MicroStrategy co-founder and chairman Michael Saylor has issued a stirring message regarding Bitcoin, the largest cryptocurrency by market capitalization, amid the current market stagnation. In a tweet, Saylor wrote: "Bitcoin expands your universe."
This statement comes at a time when Bitcoin's weekend trading activity has reached a record low.
According to data from cryptocurrency research firm Kaiko, the amount of Bitcoin traded on weekends has dropped to just 16% this year. This marks a significant shift in the trading patterns of the world's leading digital currency, which has traditionally seen robust activity outside of conventional market hours.
This drop might suggest a sentiment of boredom or disinterest among traders amid the ongoing market uncertainty, as evidenced by falling prices.
Tomiwabold OlajideAs the market continues to navigate through periods of dull action, Saylor's vision for Bitcoin represents a rallying cry with interest and trading activity expected to return.
Bitcoin dominated the news at the start of 2024 when the first U.S. spot ETFs for the largest digital asset went live. ETFs from BlackRock and Fidelity garnered substantial inflows, pushing Bitcoin to a record high of $73,798 in March, although demand and pricing have since cooled.
Bitcoin price action
The Bitcoin price remains locked in a wide range. Following last Monday's plunge to lows of $58,414, bulls have worked tirelessly to keep Bitcoin above $60,000. This is a favorable indication since it indicates that bulls might be buying the Bitcoin decline.
As reported, over 20,200 BTC, worth $1.23 billion, were sent to accumulation addresses in a single day, suggestive of dip buying.
However, the range-bound action of the past few weeks along with the failure to break out to a new high above $73,777 has resulted in a drop in bullish sentiments across key social media platforms in recent weeks, according to on-chain data by Santiment. The decline in trader enthusiasm could indicate a market bottom, Santiment added.
At the time of writing, BTC was up 0.81% in the last 24 hours to $61,387.
Yuri Molchan
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Dan Burgin
Alex Dovbnya