- Michael Saylor recently tweeted on X and reiterated his intention to HODL Bitcoin.
- Bitcoin traded below $50,000 for the first time since February.
The price of Bitcoin recently crashed below $50,000 and widespread fear gripped the cryptocurrency industry. Chairman of MicroStrategy Michael Saylor has joined the crypto community in their cause, saying that he still holds onto his Bitcoins with Diamond hands.
Michael Saylor recently tweeted on X and reiterated his intention to HODL Bitcoin. In spite of the market meltdown, the chairman of MicroStrategy has not wavered from his Bitcoin purchase plan. More than $200 billion has been lost from Bitcoin’s market valuation in the last 24 hours, and rumors of a rate decrease by the Federal Reserve are circulating again, suggesting central bank action.
Ongoing Turmoil
Bitcoin traded below $50,000 for the first time since February. Meanwhile, shares of MicroStrategy (MSTR) have fallen as much as 16% today, reaching $1,213.77. The weekly losses for MSTR have now reached over 27% as a result of this move. The crypto market crisis was accompanied by the failure of other publicly-listed corporations by an equally massive margin.
It will be fascinating to see Michael Saylor’s future moves and if he chooses to purchase Bitcoin dips. Saylor said that MicroStrategy is aiming to acquire more Bitcoin by raising an extra $2 billion in capital at last week’s release of Q2 results.
At the same time as the price of bitcoin fell by 18%, the price of spot gold fell by less than 2%. Gold and silver, according to well-known US economist Peter Schiff, are the safest investments right now in light of the impending stock market meltdown and recession.
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