Well, folks, it’s a Sunday and the crypto market is as red as a fire truck, with most cryptocurrencies taking a nosedive. 🚒
At the time of writing, Bitcoin is down by a mere 0.45% in the last 24 hours. Ethereum, XRP, Solana, Dogecoin, and Cardano are all posting losses between 1% and 4%. But wait, there’s more! Algorand, Bittensor, Pyth, and Dogwifhat are leading the race to the bottom with losses ranging from 4% to 6%. Total crypto liquidations have topped $89 million, according to CoinGlass data. Ouch! 😱
Amid this market turmoil, none other than the legendary Michael Saylor, co-founder of Strategy, has stepped in with some crucial advice about Bitcoin.
When you buy Bitcoin, you strengthen the network. When you sell Bitcoin, you weaken it.
— Michael Saylor⚡️ (@saylor) February 15, 2025
Bitcoin’s price action has been as exciting as watching paint dry. The largest cryptocurrency by market cap has barely budged over the last day and is currently valued at $97,117, according to CoinMarketCap data. It’s up a measly 0.13% on the week. Bitcoin hasn’t hit the magical $100,000 level since early February, as traders are still trying to figure out what the market is up to. 🤷♂️
Meanwhile, Strategy (formerly MicroStrategy) has started buying Bitcoin again after a one-week break in late January. In their latest filing, they revealed that they spent a whopping $742.4 million on Bitcoin between Feb. 3 and Feb. 9. Talk about commitment! 💪
Bitcoin price action lags
Bitcoin has been stuck in a tight trading range below its daily SMA 50 of $98,758, waiting for its next big move. Last week, the news that consumer prices in the United States climbed more than expected last month sent Bitcoin tumbling to a low of $94,090. In a Tuesday appearance, Federal Reserve Chair Jerome Powell reiterated the central bank’s commitment to fighting inflation and hinted that they’re not in a rush to lower interest rates. 🤔
On the ETF front, investors have been pulling out their money from Bitcoin exchange-traded funds every day this week, totaling $650.8 million from Monday to Thursday. There was a slight positive flow on Friday, with $70.6 million in investment, but it wasn’t enough to make up for the previous losses. 📉
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2025-02-16 13:27