• Michael Saylor of MicroStrategy remains a committed Bitcoin buyer despite recent market crashes and a $200 billion valuation drop.

  • Bitcoin's market value drops below $1 trillion, trading under $50K, impacting MicroStrategy's stock by a 16% drop to $1,213.77.

  • Economist Peter Schiff advocates gold and silver over Bitcoin due to its volatility, predicting inflation from potential Fed rate cuts.

The chairman of MicroStrategy once again gave a nod to Bitcoin in a tweet on X following another free fall. In all the market crashes that this research has investigated, Michael Saylor is always a reliable buyer of Bitcoins. about $200 billion are missing from the market valuation of Bitcoin. Also, rumours have it that the Federal Fund rates would be lowered by the Federal Reserve. Currently, trading below $50,000, Bitcoin has removed its trillion-dollar value tag for the first time since February.

https://twitter.com/saylor/status/1820444022772486610 Impact on MicroStrategy and Other Firms

MicroStrategy (NASDAQ: MSTR) has seen a decrease in its share price. It has now dropped 16% to $1,213.77, more than 27% of its weekly value. Alongside the collapse of the crypto market, other publicly traded companies have also experienced comparable losses.

It will be interesting to see Saylor's development as well as whether or not he decides to buy Bitcoin decreases. Saylor disclosed last week that MicroStrategy plans to raise an additional $2 billion at the company's Q2 results announcement to buy more Bitcoin. As of the time of writing, the spot price of gold is down less than 2%, trading at 2,394 levels, despite the 18% decline in Bitcoin.

Popular economist Peter Schiff highlighted that the greatest investments to guard against the US recession and stock market meltdown are gold and silver. He continued by saying that eventually, the Federal Reserve would turn around, printing more money, driving down real interest rates, and depreciating the value of the currency. This would then cause inflation to surge once more. Schiff berated Bitcoin for its volatility, claiming that no central bank or government would ever use it as a reserve asset.

Market Reactions and Potential Rebound

As everything was going on, Saylor tweeted, "Believe in Bitcoin."He is delivering his message at a time when uncertainty and anxiety are taking hold of the market. On Monday, the price of Bitcoin continued to fall, ending the week at roughly $49,050 for the fourth consecutive day.  This is the worst weekly fall since the FTX exchange collapsed.

Following these algorithms, a professional cryptocurrency analyst Ali Martinez implied that August and September had the worst price character of Bitcoin. Therefore, Bitcoin has insidiously broken one of the most important support levels – $57,000, and CryptoQuant expects BTC to fall to $40,000.

https://twitter.com/cryptoquant_com/status/1820359383085109514

However, Martinez also noted a potential rebound, with the 30-day Bitcoin MVRV Ratio indicating a possible buying opportunity. The TD Sequential presents a buy signal on the Bitcoin hourly chart, anticipating a rebound to $54,000 or $56,000.

Read also

  • MicroStrategy's Michael Saylor Accused of Tax Fraud

  • Michael Saylor Attributes MicroStrategy's 1,206% Stock Surge to Bitcoin Strategy

  • Michael Saylor: Bitcoin is the Best-Performing Asset

  • Michael Saylor Responds to Mike Tyson, Chooses Bitcoin Over Ethereum

  • Micheal Saylor to Transition to Executive Chairman

The post Michael Saylor’s Bitcoin Bet Remains Strong Amid Market Collapse appeared first on Crypto News Land.

#BTC