MicroStrategy President Michael Saylor has shared a epic reaction to the rise of Bitcoin (BTC) following the publication of the Consumer Price Index (CPI) data.
MicroStrategy President Michael Saylor has shared a epic reaction to the rise of Bitcoin (BTC) following the publication of the Consumer Price Index (CPI) data.
Michael Saylor’s reaction
Saylor posted an image of Bitcoin with the hashtag “Bitcoin World Order” on platform
According to the latest data from CoinMarketCap, Bitcoin is trading at $64,222, which represents an increase of 3.98% in the last 24 hours. This rise in Bitcoin price is quite notable as the cryptocurrency has failed to cross the $64,000 mark in recent times.
Notably, the increase follows the release of US Consumer Price Index (CPI) data, which shows a year-on-year drop of 3.4%. This data aligns with analyst expectations and explains the reason behind the rise in Bitcoin price.
Index swap traders now anticipate a faster pace of rate cuts following the latest CPI data. Additionally, the Federal Reserve is expected to reduce borrowing costs in September and December.
As Guru-Investingpreviously reported, Saylor predicted that U.S. pension funds, which collectively manage more than $27 trillion in assets, will need “some Bitcoin.”
What’s next for Bitcoin?
Bitcoin’s future prospects look promising. With trading volume increasing by 8.8% in the past day, there is hope that the leading digital asset could see further increases soon. Factors that could contribute to increases in the coin’s price include the stabilization of Bitcoin spot exchange-traded fund (ETF) activities.
During the recent BTC price drop, volume analysis showed increased buying activity. This indicates strong buyer support at lower price levels.
Typically, this accumulation phase usually precedes a price rally, as investors take advantage of lower prices to build their positions.
As investors await the next price levels of major digital assets, it is worth noting that volatility is inherent to the cryptocurrency market.
