Bitcoin (BTC), the largest cryptocurrency, fell 2.67% to below $92,000 in 2024 on concerns of excessive liquidation. BTC is currently trading at $91,814, according to CoinMarketCap.
Some crypto analysts have predicted a drop below $91,000 due to a massive dump linked to its negative correlation with the USDT dominance index.
After the BTC price dropped, MicroStrategy CEO Michael Saylor bought 2,138 BTC for $209 million at $97,837 per BTC, bringing his total holdings to 446,400 BTC. The cryptocurrency’s remarkable surge to $108,000 came to an abrupt end when the price dropped below $93,000.
Is Bitcoin centralized?
The drop comes amid speculation about the reasons behind Bitcoin's remarkable rise.
Cryptocurrency expert Sisyphus has boldly argued that MicroStrategy CEO Michael Saylor’s aggressive Bitcoin acquisition strategy may have fueled BTC’s growth.
If I didn't know we were in a secular bull market, it would appear that Saylor has been pushing the price of BTC higher since his buying plan began on 10/30. Now that the buying volumes have been reduced, we need someone else to keep the scam going.
However, Saylor's reduced buying activity has raised questions about the sustainability of the rally.
Some academics question whether the dramatic rise in BTC represents a “secular bull market” or an over-reliance on institutional entities to stimulate demand. $BTC