Prominent Bitcoin advocate and the co-founder of the MicroStrategy business intelligence giant Michael Saylor has published a tweet about Bitcoin as if to show confidence in the largest cryptocurrency by market capitalization value as it has suddenly lost the $68,000 price level overnight.
Saylor’s tweet contains an AI-generated image with an image of a physical Bitcoin and bees, stating: “Bitcoin is a Swarm of Cyber Hornets.”
#Bitcoin is a Swarm of Cyber Hornets. pic.twitter.com/hbUEt1G9EN
— Michael Saylor⚡️ (@saylor) June 1, 2024
Certain macroeconomic factors have influenced this sudden Bitcoin price decline. The personal consumption expenditures (PCE) price index faced a small rise of 0.25% in April, after a 12 month change of 2.75% — that proved to be a three-year low for this metric.
Even though this was in line with analysts’ expectations, Bitcoin still went down by 2.14% in three consecutive red candles, from $68,608 to the $67,712 level. Today, a small rebound took place, pushing the largest crypto up slightly.
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As reported by U.Today, major Japan-based cryptocurrency exchange DMM Bitcoin has faced a massive hack with more than $300 million worth of crypto taken away by anonymous hackers — 4,502 BTC.
According to data provided by Chainalysis, this was the largest hack of a crypto trading platform since 2022 and the seventh biggest one in history of the crypto industry.