The crypto market has been hit hard by the global uncertainty in the financial markets. Concerns about a possible recession in the United States have led to major problems in the financial markets.
Earlier today, Japanese stock markets even lost more than 13 percent of their value, a huge crash. Logically, the crypto market was not spared either.
Bitcoin price fell below $50,000, posting a loss of more than 17 percent. The crash in Bitcoin price to its lowest point on Monday brought the cryptocurrency to levels last seen in February.
According to data from CoinGlass, total liquidations have risen to $1.07 billion in the past 24 hours, with long positions accounting for $908.51 million of the losses.
Michael Saylor Responds to the Bitcoin Crash
Amid the selling, Michael Saylor, the chairman and co-founder of MicroStrategy, sent out an optimistic tweet: “Believe in Bitcoin.”
Saylor’s message comes at a crucial time when the market is grappling with fear and uncertainty and emphasizes the need for investors to maintain confidence despite short-term market fluctuations.
Bitcoin Price Recovery: Key Support Points and Outlook
The Bitcoin price now seems to be recovering somewhat. At the time of writing, the price is around $53,320, which is 7 percent higher than an hour ago. This recovery is due to a better-than-expected opening of the US stock market.
In the short term, it is crucial that Bitcoin stays above the $48,000 level. This level has been important for the Bitcoin price for years. If this does not work, there is a good chance that BTC will drop towards $40,000. It would be great if Bitcoin manages to build a support point above $52,000.
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Source: https://newsbit.nl/michael-saylor-reageert-op-de-crash-geloof-in-bitcoin/
