As the cryptocurrency market goes through a period of uncertainty, MicroStrategy President and CEO Michael Saylor has issued a crucial advice:”Buy Bitcoin before you need it.” This advice comes at a time when the price of Bitcoin faces uncertainty and falls to lows not seen in more than a month.
As the cryptocurrency market goes through a period of uncertainty, MicroStrategy President and CEO Michael Saylor has issued a Crucial advice:”Buy Bitcoin before you need it.” This advice comes at a time when the price of Bitcoin is facing uncertainty and falling to lows not seen in more than a month.
Bitcoin has fallen for two weeks in a row, losing as much as 8% to hit a low of $58,414 on Monday, the worst intraday drop since April 13.
Bitcoin has been hit by two weeks of outflows from exchange-traded funds (ETFs) that hold the largest cryptocurrency.
According to CoinShares’ recent report, Bitcoin investment products saw outflows of approximately $600 million for the second consecutive week, the largest in two weeks since January, when ETFs gained approval in the US.
Tomiwabold OlajideAdding to concerns about mounting selling pressure, the recovery manager for Mt. Gox, the Japanese crypto exchange that was hacked more than a decade ago, said it would begin paying out Bitcoin and Bitcoin Cash in July.
Uncertainties around monetary policy, including concerns about the Federal Reserve’s ability to quickly reduce interest rates from a two-decade high, have also contributed to the collapse of the cryptocurrency market.
At the time of writing, Bitcoin had recovered marginally and was up 0.41% over the past 24 hours to $61,134.
Tomiwabold OlajideLooking ahead, investors are anticipating the release of economic data this week, as well as comments from Federal Reserve officials. Doubts remain over when the first interest rate cut will occur.
As the market waits to see what happens next with the price of Bitcoin, Saylor’s advice serves as a reminder of the need for strategic planning in the face of market uncertainty.
