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The crypto market is currently in red in early Sunday's trading session, with the majority of cryptocurrencies experiencing losses.
At the time of writing, Bitcoin was marginally down, about 0.45% in the last 24 hours. Ethereum, XRP, Solana, Dogecoin and Cardano were posting losses between 1% and 4%. Algorand, Bittensor, Pyth and Dogwifhat had higher losses ranging from 4% to 6%, with total crypto liquidations totaling more than $89 million, according to CoinGlass data.
Amid the ongoing market uncertainty, Strategy's co-founder Michael Saylor has issued a crucial message regarding Bitcoin.
In a tweet, Saylor wrote, "When you buy Bitcoin, you strengthen the network. When you sell Bitcoin, you weaken it." His statement highlights his belief in Bitcoin’s network effects and the importance of long-term holding strategies.
Bitcoin's recent price action has been mostly flat: The largest cryptocurrency by market cap has barely moved over the last day and is presently valued at $97,117, according to CoinMarketCap data. It's up just 0.13% on the week.
Tomiwabold OlajideBitcoin hasn't reached the coveted $100,000 level since early February, as traders assess the current uncertainty in the market. Meanwhile, Strategy (formerly MicroStrategy) started buying again after a one-week hiatus in late January. Strategy revealed in its most recent filing that it spent $742.4 million on Bitcoin between Feb. 3 and Feb. 9.
Bitcoin price action lags
Bitcoin has recently held in a tight trading range below its daily SMA 50 of $98,758 as it prepares for its next significant move.
In the week just concluded, statistics showing that consumer prices in the United States climbed more than expected last month stoked selling in risk assets such as Bitcoin, which fell to a low of $94,090. In an appearance on Tuesday, Federal Reserve Chair Jerome Powell reaffirmed the central bank's commitment to decreasing inflation and indicated that officials are not in a hurry to drop interest rates.
On the ETF side, investors withdrew money from Bitcoin exchange-traded funds every day this week, totaling $650.8 million from Monday to Thursday. Flows turned positive on Friday, with $70.6 million in investment, but not quite enough to offset previous losses.
Dan Burgin
Vladislav Sopov