U.Today – Amid an ongoing sell-off in the cryptocurrency market, Michael Saylor, a prominent proponent and chairman of MicroStrategy, made a statement on X (Twitter) that resonated throughout the crypto space: “Only Bitcoin.”
This two-word tweet comes at a time when the cryptocurrency market is facing major sell-offs and the price of Bitcoin is falling.
Bitcoin, the largest cryptocurrency by market value, began its decline in Tuesday's trading session, hitting $63,223 at one point before falling further.
Losses deepened on Wednesday as investors weighed in on remarks from Federal Reserve Chairman Jerome Powell, and Bitcoin hit intraday lows of $59,509. At the time of writing, Bitcoin had fallen 2.85% over the past 24 hours to $60,274.
According to data from CoinGlass, the sell-off resulted in a significant amount of cryptocurrency being liquidated over the past 24 hours, totaling over $166 million. However, this hasn’t deterred Saylor’s confidence in Bitcoin, as he reiterates his longing for the crypto asset in his tweet.
Cryptocurrency market falls
Cryptocurrencies fell on Tuesday after Federal Reserve Chairman Jerome Powell said the central bank needs to see inflation pick up further before cutting interest rates, which are now between 5.25% and 5.50%. Powell revealed at a monetary symposium in Sintra, Portugal, that the United States is moving closer to a disinflationary trajectory.
“We want to have more confidence that inflation is moving sustainably lower toward 2% before we begin the process of tapering or easing policy,” Powell said.
The market's losses were exacerbated by Wednesday's economic data, which indicated the labor market is cooling. Newly released data showed weaker-than-expected private payrolls growth in June, but weekly jobless claims were higher than economists had forecast. The latest figures come ahead of Friday's highly anticipated nonfarm payrolls report for June.
As the cryptocurrency market goes through a period of uncertainty, the next few days and weeks will be crucial in determining the direction of the BTC price.
This article was originally published on U.Today
