Bitcoin
Michael Saylor Makes Epic Call on Bitcoin as Price Hits $67,000 by U.Today
U.Today – (BTC), the largest cryptocurrency by market cap, is trading back above $67,000, extending its gains from Thursday’s session.
This price recovery did not go unnoticed, with MicroStrategy co-founder and chairman Michael Saylor issuing a bold statement to capture the moment.
Saylor took to X to share his excitement about Bitcoin’s price recovery. In a tweet, Saylor wrote, “Don’t miss the liftoff. Bitcoin.” This brief but powerful message encapsulates his belief in Bitcoin’s potential and could be a call for the crypto community to stay focused as Bitcoin navigates its path in the near term.
Bitcoin’s price recovery to $67,000 comes as the cryptocurrency market successfully defends itself from further losses following a sell-off earlier this week.
The cryptocurrency market extended its losses on Tuesday, the first day of trading for ETFs, as Mt. Gox handed over more Bitcoin to creditors and investors cashed out after the cryptocurrency’s best week since March.
A reversal in stocks has sent the S&P 500 to its lowest levels since 2022, impacting cryptocurrencies. Bitcoin fell to a low of $63,479 on Thursday after three straight days of losses, before recovering significantly.
Optimism rises as Fed plans September rate cut
According to economic data released on Friday, a key Federal Reserve indicator revealed that inflation fell marginally in June compared to last year, paving the way for a widely anticipated interest rate cut in September, which is seen as bullish for cryptocurrencies.
There is little expectation that the Federal Open Market Committee, which sets interest rates, will make any move during its policy meeting next Tuesday and Wednesday. However, the market is anticipating a rate cut at the September meeting, which would be the first in years.
As inflation reached its highest level in more than 40 years in mid-2022, the Fed launched a series of aggressive rate hikes, raising its benchmark interest rate to its highest level in nearly 23 years.
However, the Fed has remained on hold over the past year as it assesses changing data that earlier this year suggested a return to inflation. But it has recently shown a steady cooling, prompting many policymakers to discuss the possibility of at least one cut this year.