U.Today – MicroStrategy co-founder and chairman Michael Saylor has issued a poignant message about Bitcoin, the largest cryptocurrency by market cap, amid the current market stagnation. In a tweet, Saylor wrote: “Bitcoin expands your universe.”
This statement comes at a time when Bitcoin trading activity over the weekend has hit an all-time low.
According to data from cryptocurrency research firm Kaiko, the amount of Bitcoin traded on weekends has fallen to just 16% this year. This marks a significant shift in trading patterns for the world’s leading digital currency, which has traditionally seen robust activity outside of conventional market hours.
This drop could suggest a feeling of boredom or disinterest among traders amid the current market uncertainty, as evidenced by falling prices.
As the market continues to go through periods of slow action, Saylor's vision for Bitcoin represents a rallying cry and interest and trading activity is expected to return.
Bitcoin dominated the news in early 2024, when the first US spot ETFs for the largest digital asset were launched. BlackRock (NYSE 🙂 and Fidelity ETFs saw significant inflows, driving Bitcoin to an all-time high of $73,798 in March, although demand and prices have cooled since then.
Bitcoin price action
Bitcoin price remains locked in a wide range. Following last Monday's drop to lows of $58,414, bulls have worked tirelessly to keep Bitcoin above $60,000. This is a favorable indication as it indicates that the bulls could be buying the Bitcoin dip.
As reported, over 20,200 BTC, worth $1.23 billion, were sent to accumulation addresses in a single day, suggesting dip buying.
However, the range-bound action of recent weeks, coupled with the failure to reach a new high above $73,777, has resulted in a drop in bullish sentiments on major social media platforms in recent weeks, according to Santiment chain data. . Declining 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.
This article was originally published on U.Today.
