According to U.Today, Michael Saylor, co-founder of MicroStrategy and a well-known Bitcoin advocate, has expressed his confidence in Bitcoin despite its recent price drop. The cryptocurrency, which is the largest by market capitalization, lost its $68,000 price level overnight. Saylor used an AI-generated image of a physical Bitcoin and bees in a tweet, stating, 'Bitcoin is a Swarm of Cyber Hornets.'
Several macroeconomic factors have contributed to this sudden decline in Bitcoin's price. The personal consumption expenditures (PCE) price index saw a slight increase of 0.25% in April, following a 12-month change of 2.75% — a three-year low for this metric. Despite this being in line with analysts' expectations, Bitcoin's value still dropped by 2.14% in three consecutive red candles, from $68,608 to $67,712. However, a small rebound occurred, slightly pushing up the value of the largest cryptocurrency.
In other news, DMM Bitcoin, a major Japan-based cryptocurrency exchange, has been the victim of a significant hack. Anonymous hackers stole more than $300 million worth of cryptocurrency, including 4,502 BTC. Data from Chainalysis indicates that this is the largest hack of a crypto trading platform since 2022, and the seventh largest in the history of the crypto industry.