In a tweet that has caught the eye of the crypto neighborhood, Saylor said: “1 BTC to 1 BTC,” reiterating a basic perception in Bitcoin’s enduring worth regardless of market fluctuations.
Bitcoin has seen its worth fall beneath the $56,000 mark, persevering with a decline that has now prolonged into its fourth consecutive day. This decline is an element of a bigger pattern that has seen Bitcoin plummet, with over $800 million in bullish crypto bets liquidated all through the crypto market in one of many heaviest such liquidations since April, based on CoinGlass statistics.
By equating one Bitcoin to 1 Bitcoin, Saylor is emphasizing the concept, no matter its greenback valuation at any given second, the intrinsic worth of Bitcoin stays unchanged.
Bitcoin worth dips
A four-day drop in Bitcoin introduced the digital asset near levels last seen in February. The biggest cryptocurrency sank to an intraday low of $53,499 earlier than recovering a few of its losses to trade 3.95% lower at $55,780 as of press time. Various cryptocurrencies, often called altcoins, also plummeted.
Bitcoin is presently down around 25% from its March peak, as speculation about U.S. exchange-traded funds investing directly within the token gives way to concerns about higher-for-longer rates of interest.
The lead cryptocurrency reached an all-time high of $73,798 in March, aided by unexpectedly strong demand for U.S. ETFs. The inflows have subsequently subsided, sending Bitcoin lower and putting a cloud over the rest of the digital asset market.
Speculators are already scoring the Bitcoin charts to see if carefully watched technical levels hold or drop. The cryptocurrency has lost its daily SMA 200 at $57,715, and now attention is shifting to the next important demand zone.
In accordance with crypto analyst Ali, the next key demand wall for Bitcoin is around $47,000, and for the bull run to resume, BTC must close and remain above $61,000.
This article was originally published on U.Today
In a tweet that has caught the eye of the crypto neighborhood, Saylor said: “1 BTC to 1 BTC,” reiterating a basic perception in Bitcoin’s enduring worth regardless of market fluctuations.
Bitcoin has seen its worth fall beneath the $56,000 mark, persevering with a decline that has now prolonged into its fourth consecutive day. This decline is an element of a bigger pattern that has seen Bitcoin plummet, with over $800 million in bullish crypto bets liquidated all through the crypto market in one of many heaviest such liquidations since April, based on CoinGlass statistics.
By equating one Bitcoin to 1 Bitcoin, Saylor is emphasizing the concept, no matter its greenback valuation at any given second, the intrinsic worth of Bitcoin stays unchanged.
Bitcoin worth dips
A four-day drop in Bitcoin introduced the digital asset near levels last seen in February. The biggest cryptocurrency sank to an intraday low of $53,499 earlier than recovering a few of its losses to trade 3.95% lower at $55,780 as of press time. Various cryptocurrencies, often called altcoins, also plummeted.
Bitcoin is presently down around 25% from its March peak, as speculation about U.S. exchange-traded funds investing directly within the token gives way to concerns about higher-for-longer rates of interest.
The lead cryptocurrency reached an all-time high of $73,798 in March, aided by unexpectedly strong demand for U.S. ETFs. The inflows have subsequently subsided, sending Bitcoin lower and putting a cloud over the rest of the digital asset market.
Speculators are already scoring the Bitcoin charts to see if carefully watched technical levels hold or drop. The cryptocurrency has lost its daily SMA 200 at $57,715, and now attention is shifting to the next important demand zone.
In accordance with crypto analyst Ali, the next key demand wall for Bitcoin is around $47,000, and for the bull run to resume, BTC must close and remain above $61,000.
This article was originally published on U.Today
In a recent tweet, Michael Saylor reiterated his belief in Bitcoin’s intrinsic value by stating “1 BTC to 1 BTC,” despite its recent market fluctuations. Bitcoin has experienced a significant decline, falling below $56,000 and continuing a four-day downtrend. This drop is part of a broader trend that has seen Bitcoin’s value decrease sharply, with over $800 million in bullish crypto bets liquidated. At its lowest, Bitcoin hit $53,499 before recovering slightly to $55,780.
Currently, Bitcoin is down about 25% from its March peak of $73,798, partly due to shifting investor sentiment regarding U.S. exchange-traded funds (ETFs) and concerns over prolonged higher interest rates. The cryptocurrency has lost its daily SMA 200 at $57,715, and analysts are now watching the $47,000 level as a critical demand zone. For Bitcoin to resume its bull run, it must close and stay above $61,000, according to crypto analyst Ali. The broader crypto market, including altcoins, has also been affected by this downturn.