Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Michael Saylor, MicroStrategy's cofounder and chairman, has once again ignited the crypto community with a bold Bitcoin statement.
In an X post, Saylor simply wrote: "Catch the Bitcoin Wave." Saylor's post comes at a time when the cryptocurrency market is experiencing lackluster price movement.
Bitcoin's price action has stagnated, and investor sentiment has been apathetic for the last six months. According to Glassnode, a significant shift has occurred in the last three months, with downward pressure intensifying and forcing the market to see its steepest drop of the cycle.
Following this, the Bitcoin Short-Term Holder group stays significantly underwater on its holdings, while the average Bitcoin investor remains profitable overall.
Tomiwabold OlajideWhile the MicroStrategy chairman did not provide further elaboration in his tweet, Saylor's tweet, accompanied by an image of himself riding a wave, evokes imagery of momentum and timing, urging the market to seize the chance before it passes.
Saylor remains the driving force behind MicroStrategy’s aggressive Bitcoin acquisition strategy: as of late July, the company had acquired over 226,500 Bitcoin, making it one of the largest corporate holders of the cryptocurrency.
Bitcoin price action
Cryptocurrencies posted a mixed price action in Thursday's trading session as the latest employment data came in far weaker than expected. At the time of writing, BTC was down 0.62% in the last 24 hours to $56,554.
Private payrolls increased by 99,000 in August, well behind Dow Jones experts' consensus projection of 140,000. This may heighten concerns about the health of the U.S. economy, as investors prepare for the key jobs data release on Friday.
Specifically, traders are waiting for carefully watched data on nonfarm payrolls, unemployment and wages, which is coming Friday morning.
The report comes ahead of the Federal Reserve's next meeting later this month when it is expected to decrease interest rates. However, uncertainty remains on the magnitude of the rate cut.
Denys Serhiichuk
Gamza Khanzadaev