Jerome Powell

Chair

Wednesday

Bitcoin

Optimism

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As Bitcoin's price experienced a dip near the $64,000 mark, <a href="https://u.today/michael-saylors-epic-bitcoin-btc-price-prediction-stuns-crypto-community" rel="noopener noreferrer nofollow">Michael Saylor</a>, the chairman and cofounder of MicroStrategy, took to X to share his steadfast support for the leading cryptocurrency. Crypto prices fell after the <a href="https://u.today/massive-170-million-liquidations-hit-crypto-market-ahead-of-fed-announcement" rel="noopener noreferrer nofollow">Fed</a> announced on Wednesday that interest rates would remain steady.
At the end of its July meeting, the Fed left benchmark interest rates unchanged and provided little indication that a much-anticipated rate decrease in September was guaranteed.
Fed Chair Jerome Powell noted that, while no decisions have been made regarding a September decrease, the "broad sense is that we're moving closer" to an interest rate cut.
<blockquote>
 We like the coin. <a href="https://t.co/oprQ4vQeBh" rel="noopener noreferrer nofollow">pic.twitter.com/oprQ4vQeBh</a>— Michael Saylor⚡️ (@saylor) <a href="https://twitter.com/saylor/status/1818987418608881682?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 1, 2024</a>
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In his tweet, Saylor simply <a href="https://x.com/saylor/status/1818987418608881682" rel="noopener noreferrer nofollow">stated</a>, "We love the coin," maintaining his bullish attitude despite the recent market dip.
Under Saylor's leadership, MicroStrategy has amassed a huge quantity of Bitcoin, making it one of the largest corporate holders of the cryptocurrency. As of June 20, MicroStrategy has 226,331 BTC purchased for around $8.33 billion at an average price of $36,798.
The crypto community continues to closely watch Bitcoin's price movements as events play out in the short term.
<h2 id="225-million-liquidations-reached-in-24-hours">$225 million liquidations reached in 24 hours</h2>
Traders betting on a crypto price increase were forced to settle their positions swiftly late Wednesday when the cryptocurrency market plummeted. Crypto <a href="https://u.today/300-million-risks-liquidation-if-btc-drops-beneath-key-level" rel="noopener noreferrer nofollow">liquidations</a> have spiked in the last 24 hours, amounting to $230.94 million, according to CoinGlass data.
Within this time frame, long liquidations on the crypto market amounted to $208.01 million, accounting for the majority of positions wagering on price direction. A total of $22.95 million in short positions were also liquidated, according to CoinGlass data.
The majority of the liquidations were attributed to Ethereum, accounting for $54.64 million of long positions, followed by $51.64 million for Bitcoin.
Bitcoin has fallen below $65,000, declining 3.36% over the last 24 hours to trade at around $64,093.

Michael Saylor Shows Optimism as Bitcoin Price Dips to $64,000

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