Bitcoin
Michael Saylor Declares Bitcoin’s Next Wave Amid Dull BTC Market Action
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Microstrategy Co-founder and Chairman Michael Saylor has issued a poignant message about Bitcoin, the largest cryptocurrency by market cap, amid the current market stagnation. In a tweet, Saylor wrote: “Bitcoin expands its universe.”
The statement comes as Bitcoin trading activity over the weekend hit a record low.
According to data from cryptocurrency research firm Kaiko, the amount of Bitcoin traded on weekends has fallen to just 16% this year. This marks a significant change in trading patterns for the world’s leading digital currency, which has traditionally seen robust activity outside conventional market hours.
This drop may suggest a feeling of boredom or disinterest among traders in the face of current market uncertainty, as evidenced by falling prices.
As the market continues to navigate periods of weak action, Saylor’s outlook for Bitcoin represents a rallying cry, with interest and trading activity expected to return.
Bitcoin dominated the news in early 2024 when the first U.S. spot ETFs for the largest digital asset were launched. ETFs from BlackRock and Fidelity saw substantial inflows, pushing Bitcoin to a record high of $73,798 in March, though demand and prices have since cooled.
Bitcoin Price Action
O Bitcoin The price remains locked in a wide range. After last Monday’s drop to lows of $58,414, bulls have worked tirelessly to keep Bitcoin above $60,000. This is a favorable indication as it suggests that bulls may be buying the Bitcoin dip.
As reported, more than 20,200 BTC, worth $1.23 billion, were sent to hoarding addresses in a single day, suggesting dip purchases.
However, the limited action of recent weeks coupled with the failure to reach a new high above $73,777 has resulted in a drop in bullish sentiments across major social media platforms in recent weeks, according to on-chain data. from Santiment. . The decline in traders’ enthusiasm could indicate a market bottom, Santiment added.
At the time of writing, BTC is up 0.81% over the past 24 hours to $61,387.
About the author
Tomiwabold Olajide
Tomiwabold is an experienced cryptocurrency analyst and technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging estimated market trend forecasts. Tomiwabold graduated from the University of Lagos.