As Bitcoin's price took a dip near $64,000, Michael Saylor, chairman and cofounder of MicroStrategy, expressed unwavering support for the leading cryptocurrency. Crypto prices fell following the Fed's announcement that interest rates would remain unchanged.
During its July meeting, the Fed decided to keep benchmark interest rates steady and provided little clarity on a potential rate cut in September. Fed Chair Jerome Powell hinted that while no decisions have been made yet, the likelihood of a rate decrease in September is increasing.
In a recent tweet, Saylor reaffirmed his positive stance on Bitcoin by simply stating, "We love the coin," showcasing his bullish outlook despite the recent market downturn.
Under Saylor's leadership, MicroStrategy has accumulated a significant amount of Bitcoin, making it one of the largest corporate holders of the cryptocurrency. As of June 20, the company holds 226,331 BTC purchased for approximately $8.33 billion at an average price of $36,798.
The crypto community is closely monitoring Bitcoin's price movements as events unfold in the short term.
$225 Million in Liquidations Recorded in 24 Hours
Traders who bet on a crypto price increase were forced to close their positions rapidly late Wednesday as the cryptocurrency market experienced a sharp decline. According to CoinGlass data, crypto liquidations surged in the last 24 hours, totaling $230.94 million.
During this period, long liquidations in the crypto market amounted to $208.01 million, representing the majority of positions speculating on price direction. Additionally, $22.95 million in short positions were liquidated, as reported by CoinGlass.
The majority of the liquidations were linked to Ethereum, with $54.64 million in long positions being liquidated, followed by $51.64 million for Bitcoin.
Bitcoin's price has dropped below $65,000, declining by 3.36% over the last 24 hours to trade at approximately $64,093.