As Bitcoin's price experienced a dip near the $64,000 mark, Michael Saylor, the chairman and cofounder of MicroStrategy, took to X to share his steadfast support for the leading cryptocurrency. Crypto prices fell after the Fed announced on Wednesday that interest rates would remain steady.
At the end of its July meeting, the Fed left benchmark interest rates unchanged and provided little indication that a much-anticipated rate decrease in September was guaranteed.
Fed Chair Jerome Powell noted that, while no decisions have been made regarding a September decrease, the "broad sense is that we're moving closer" to an interest rate cut.
We like the coin. pic.twitter.com/oprQ4vQeBh
— Michael Saylor⚡️ (@saylor) August 1, 2024
In his tweet, Saylor simply stated, "We love the coin," maintaining his bullish attitude despite the recent market dip.
Under Saylor's leadership, MicroStrategy has amassed a huge quantity of Bitcoin, making it one of the largest corporate holders of the cryptocurrency. As of June 20, MicroStrategy has 226,331 BTC purchased for around $8.33 billion at an average price of $36,798.
The crypto community continues to closely watch Bitcoin's price movements as events play out in the short term.
$225 million liquidations reached in 24 hours
Traders betting on a crypto price increase were forced to settle their positions swiftly late Wednesday when the cryptocurrency market plummeted. Crypto liquidations have spiked in the last 24 hours, amounting to $230.94 million, according to CoinGlass data.
Within this time frame, long liquidations on the crypto market amounted to $208.01 million, accounting for the majority of positions wagering on price direction. A total of $22.95 million in short positions were also liquidated, according to CoinGlass data.
The majority of the liquidations were attributed to Ethereum, accounting for $54.64 million of long positions, followed by $51.64 million for Bitcoin.
Bitcoin has fallen below $65,000, declining 3.36% over the last 24 hours to trade at around $64,093.
