Last updated on September 9th, 2024 at 06:51 am
Amid the current drop in Bitcoin’s price, Michael Saylor, co-founder and chairman of MicroStrategy, has delivered a message resonating with the cryptocurrency community. In a recent tweet, Saylor stated, “You do not sell your Bitcoin.” His statement comes when some investors contemplate selling their assets as market conditions grow uncertain. The Crypto Fear and Greed Index, which measures the market’s sentiment, indicates extreme fear. Saylor’s warning serves as a reminder to resist panic selling driven by fear, which could result in rash asset liquidations.
Cryptocurrencies reacted to the release of Friday’s U.S. jobs report in a similar pattern, opening higher before getting shaken off. Bitcoin (BTC), the market’s leader in capitalization, initially experienced an uptick, reaching just above $57,000 before experiencing a downturn that saw its value plummet below $54,000. This is Bitcoin at its lowest since August 5 and can be seen as the volatility of the crypto market prevails.
Also Read: Michael Saylor Says “Bitcoin Rules” During Market Downturn, Shares Controversial Post
Market Volatility Hits Bitcoin and Other Cryptocurrencies
On Saturday morning, Bitcoin remained down by 3% in the past 24 hours, trading at $54,360. Similar to how BTC was affected, other crypto asset classes such as Ethereum, Doge, and Pepe, among others, were worse off by around 4%. This downturn occurs when the investors are unsure which way the market is headed or if prices are rising or falling.
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Whereas some market participants respond to such conditions with nervous actions, Saylor’s position appeals to long-term investors not to panic. His message encourages one to exercise caution, especially when conditions are harsh such that hasty decisions would prove harmful.
The crypto market remains volatile, and Saylor’s comments underscore the need not to make short-term moves out of panic. He also still backs Bitcoin’s long-term fundamental fundamentals and is convinced that anyone who may lose his BTC during the bearish markets will benefit from it in the long run. In line with these market trends, volatility and instability will remain critical considerations among investors within the coming days for Bitcoin.
Also Read: Michael Saylor Reacts as Bitcoin Surges Past $61,000, Calls It “The Answer”
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.