tl;dr
Bitcoin's price is down by over 5% amid market volatility, prompting Strategy Chairman Michael Saylor to express confidence with a "HODL" response on X (formerly Twitter). Despite the dip, Saylor remains bullish. Under his leadership, Strategy has become a major corporate holder of Bitcoin, recently...
Bitcoin's price is down by over 5% amid market volatility, prompting Strategy Chairman Michael Saylor to express confidence with a "HODL" response on X (formerly Twitter). Despite the dip, Saylor remains bullish. Under his leadership, Strategy has become a major corporate holder of Bitcoin, recently making a significant investment of $1.9 billion, bringing their total holdings to 528,185 BTC. The broader crypto market is also in the red, with Bitcoin dipping below $75,000 and other major tokens like Ethereum, Dogecoin, and Cardano experiencing losses of over 6%. Analysts advise caution in the short term, but some traders predict a potential rebound if macroeconomic conditions improve.
As the Bitcoin (BTC) price trades in red amid the latest wave of market volatility, Strategy Chairman Michael Saylor took to X (formerly Twitter) with a single-word response that said it all: "HODL"
Bitcoin's price fell by more than 5% in 24 hours as continued macroeconomic headwinds pushed the broader crypto market into the red in the early Wednesday session. Despite the drop, Saylor maintains his bullish posture with characteristic stoicism.
Under Saylor's leadership, Strategy has become one of the largest corporate holders of Bitcoin. Over a week ago, Strategy announced the purchase of $1.9 billion in Bitcoin, making it the firm's largest investment in terms of coins this year. As of March 30, Strategy held 528,185 BTC, acquired for almost $35.63 billion at about $67,458 per Bitcoin.
Bitcoin dipped below $75,000 again in the early Wednesday session, impacting major cryptocurrencies. Traders’ retreat from crypto majors continued, wiping out all gains from the recent relief rally. Following a brief rebound to $81,223 on Monday, Bitcoin (BTC) retreated before stabilizing over $76,000 at press time.
Bitcoin is currently down 4.14% in the last 24 hours to $76,384, having reached an intraday low of $74,553. Ethereum (ETH) fell 6%, leading losses among major tokens, with Dogecoin (DOGE), Cardano’s ADA and Toncoin also down more than 6%. Overall market capitalization fell 2%, extending a seven-day drop. Crypto derivatives have suffered liquidations totaling $443 million in the last 24 hours.
Analysts suggest caution in the short term but see the possibility for Bitcoin to rebound if macroeconomic conditions improve. Meanwhile, some traders predict that Bitcoin might fall further to $70,000, putting additional pressure on crypto majors.