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MicroStrategy's Michael Saylor Reacts to BTC Price Slump

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Fri, 5/07/2024 - 15:17
MicroStrategy's Michael Saylor Reacts to BTC Price Slump
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As the cryptocurrency market experiences volatility, Michael Saylor, Chairman of MicroStrategy, has made a stoic remark in response to Bitcoin's recent price slump.

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In a tweet that has caught the attention of the crypto community, Saylor stated: "1 BTC to 1 BTC," reiterating a fundamental belief in Bitcoin's enduring value despite market fluctuations.

Bitcoin has seen its price fall below the $56,000 mark, continuing a decline that has now extended into its fourth consecutive day. This decline is part of a larger trend that has seen Bitcoin plummet, with over $800 million in bullish crypto bets liquidated throughout the crypto market in one of the heaviest such liquidations since April, according to CoinGlass statistics.

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By equating one Bitcoin to one Bitcoin, Saylor is emphasizing the idea that, regardless of its dollar valuation at any given moment, the intrinsic value of Bitcoin remains unchanged.

Bitcoin price dips

A four-day drop in Bitcoin brought the digital asset close to levels last seen in February. The largest cryptocurrency sank to an intraday low of $53,499 before recovering some of its losses to trade 3.95% lower at $55,780 as of press time. Alternative cryptocurrencies, known as altcoins, also plummeted.

Bitcoin is currently down around 25% from its March peak, as speculation about U.S. exchange-traded funds investing directly in the token gives way to concerns about higher-for-longer interest rates.

The lead cryptocurrency reached an all-time high of $73,798 in March, aided by unexpectedly robust demand for U.S. ETFs. The inflows have subsequently subsided, sending Bitcoin lower and putting a cloud over the rest of the digital asset market.

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Speculators are already scoring the Bitcoin charts to see if closely watched technical levels hold or drop. The cryptocurrency has lost its daily SMA 200 at $57,715, and now attention is shifting to the next significant demand zone.

According to crypto analyst Ali, the next key demand wall for Bitcoin is around $47,000, and for the bull run to resume, BTC must close and remain above $61,000.

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