According to U.Today, Michael Saylor, a well-known Bitcoin advocate and chairman of MicroStrategy, has made a statement on Twitter that has echoed throughout the cryptocurrency community: 'Just Bitcoin.' This brief tweet comes at a time when the cryptocurrency market is experiencing significant liquidations and a drop in Bitcoin's price. Bitcoin, the largest cryptocurrency by market value, began its decline in a Tuesday trading session, reaching $63,223 at one point before falling further. The losses intensified on Wednesday as investors reacted to comments made by Fed chair Jerome Powell, with Bitcoin hitting intraday lows of $59,509. At the time of writing, Bitcoin was down 2.85% in the last 24 hours to $60,274.
According to CoinGlass data, the sell-off resulted in the liquidation of a significant amount of cryptocurrencies in the last 24 hours, totaling over $166 million. Despite this, Saylor's confidence in Bitcoin remains unshaken, as evidenced by his tweet. Cryptocurrencies fell on Tuesday after Fed Chair Jerome Powell stated that the central bank needs to see more progress in inflation before decreasing interest rates, which are currently at 5.25%-5.50%. Powell revealed at a monetary symposium in Sintra, Portugal, that the United States is moving closer to a disinflationary path.
The market losses deepened following Wednesday's economic releases, which indicated that the labor market is cooling. Recently released data showed weaker private payroll growth than expected in June, but weekly jobless claims were higher than economists predicted. The most recent figures come ahead of Friday's highly anticipated nonfarm payroll report for June. As the crypto market navigates a period of uncertainty, the next few days and weeks will be critical in determining Bitcoin's price direction.