U.Today – Michael Saylor, co-founder and president of MicroStrategy, has once again ignited the crypto community with a bold statement.
In a post on X, Saylor simply wrote: “Catch the Bitcoin wave.” Saylor’s post comes at a time when the cryptocurrency market is experiencing lackluster price action.
Bitcoin’s price has been stagnant and investor sentiment has been apathetic for the past six months. According to Glassnode, there has been a significant shift over the past three months, with downward pressure intensifying and forcing the market to see its steepest decline of the cycle.
Following this, the short-term Bitcoin holder group remains significantly underwater on their holdings, while the average Bitcoin investor remains profitable overall.
While the MicroStrategy president did not provide further details in his tweet, Saylor's tweet, accompanied by an image of himself riding a wave, evokes images of momentum and opportunity, urging the market to seize the opportunity before it passes.
Saylor remains the driving force behind MicroStrategy’s aggressive Bitcoin acquisition strategy: as of the end of July, the company had acquired more than 226,500 Bitcoin, making it one of the largest corporate shareholders of the cryptocurrency.
Bitcoin Price Action
Cryptocurrencies saw mixed price action in Thursday’s trading session as the latest jobs data came in much weaker than expected. At the time of writing, BTC was down 0.62% over the past 24 hours at $56,554.
Private payrolls rose by 99,000 in August, well below the consensus projection of 140,000 by Dow Jones analysts. This may increase concerns about the health of the US economy as investors prepare for the release of key employment data on Friday.
Specifically, traders are awaiting data on nonfarm payrolls, unemployment and wages, due out on Friday morning.
The report comes ahead of the Federal Reserve's next meeting later this month, when it is widely expected to cut interest rates. However, uncertainty remains over the magnitude of the rate cut.
This article was originally published on U.Today
