Michael Saylor Expresses Optimism as Bitcoin Price Falls to $64,000

Michael Saylor, the chairman and cofounder of MicroStrategy, expressed his unwavering support for Bitcoin as its price dipped near the $64,000 mark. This decline followed an announcement from the Federal Reserve indicating that interest rates would remain unchanged, leading to a drop in crypto prices.

During its recent meeting, the Federal Reserve decided to keep benchmark interest rates steady and did not offer clear signals that a long-expected rate cut in September was assured. Fed Chair Jerome Powell mentioned that while no definitive decisions had been made regarding a decrease in September, there is a general sense that the Fed is getting closer to making such a move.

In a tweet, Saylor reaffirmed his positive outlook on Bitcoin, stating, "We love the coin," despite the recent market downturn. Under his guidance, MicroStrategy has become one of the largest corporate holders of Bitcoin, possessing 226,331 BTC acquired for approximately $8.33 billion at an average price of $36,798 as of June 20.

The cryptocurrency community is actively monitoring Bitcoin’s price fluctuations as the market evolves in the near term.

$225 Million Liquidations in 24 Hours

As the cryptocurrency market faced a steep decline, traders who had bet on rising prices were compelled to quickly close their positions late Wednesday. This led to a spike in liquidations, totaling around $230.94 million according to data from CoinGlass.

During this 24-hour period, long liquidations accounted for the majority of positions, amounting to $208.01 million, while short positions contributed $22.95 million to the total liquidations. The most significant liquidations were seen in Ethereum, which had $54.64 million in long positions closed, followed closely by Bitcoin with $51.64 million.

Currently, Bitcoin’s price has fallen below $65,000, experiencing a 3.36% decline over the last 24 hours, trading around $64,093.