U.Today – As the price of Bitcoin fell near the $64,000 mark, Michael Saylor, chairman and co-founder of MicroStrategy, took to X to share his strong support for the leading cryptocurrency. Cryptocurrency prices fell after the Federal Reserve announced on Wednesday that interest rates would remain stable.
At the end of its July meeting, the Fed left benchmark interest rates unchanged and gave little indication that a long-awaited rate cut in September was warranted.
Federal Reserve Chairman Jerome Powell said that while no decision has been made regarding a September taper, “the general sense is that we're getting closer” to a rate cut.
In his tweet, Saylor simply stated, “We love the coin,” maintaining his bullish attitude despite the recent market downturn.
Under Saylor's leadership, MicroStrategy has accumulated a massive amount 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 monitor Bitcoin price movements as events unfold in the near term.
Liquidations of 225 million dollars in 24 hours
Traders betting on a cryptocurrency price surge were forced to liquidate their positions quickly on Wednesday evening as the cryptocurrency market crashed. Cryptocurrency liquidations have skyrocketed over the past 24 hours, reaching $230.94 million, according to data from CoinGlass.
In this period, liquidations of long positions on the cryptocurrency market amounted to $208.01 million, accounting for the majority of positions betting on the price direction. A total of $22.95 million in short positions were also liquidated, according to CoinGlass data.
The majority of liquidations were attributed to , accounting for $54.64 million of long positions, followed by $51.64 million of Bitcoin.
Bitcoin has fallen below $65,000, declining 3.36% over the past 24 hours to trade around $64,093.
This article was originally published on U.Today
