Bitcoin experienced a significant drop, falling below the $68,000 mark overnight. This price is likely attributed to macroeconomic factors, including a 0.25% increase in the Personal Consumption Expenditures (PCE) price index in April.
While this figure represented a three-year low with a 12-month change of 2.75%, It seems to have spooked Investors. Despite meeting analysts’ expectations, Bitcoin’s price fell by 2.14%, from $68,608 to $67,712, marked by three consecutive red candles.
However, a glimpse of hope came with a small rebound, pushing the cryptocurrency slightly upward at the time of writing BTC was trading at $67,727.68, reflecting a 0.43% increase in 24 Hours.
Michael Saylor’s Optimism
Michael Saylor, the co-founder of MicroStrategy and a prominent Bitcoin advocate, responded by tweeting an AI-generated image featuring a physical Bitcoin and bees, with the caption: “Bitcoin is a Swarm of Cyber Hornets. ”
However, this price drop did not dissuade Saylor from expressing his confidence in Bitcoin, as highlighted in the Tweet post.
Michael Saylor also expressed optimism about Ethereum exchange-traded funds (ETFs). On the “What Bitcoin Did” podcast, Saylor predicted that these ETFs would lead to mainstream institutional adoption of cryptocurrencies. He suggested that investment allocations in digital currencies could rise from the current 1% to between 5-10%.
Saylor also noted that it is easier to gain as much public popularity and political support as Bitcoin. He pointed out that such increased acceptance could be advantageous to Bitcoin as it stands today as the market leader, possibly controlling about 70% of the funding for digital currencies. Saylor’s advocacy for investing in Ethereum is quite a turn of events from the previous stand.
Amidst these developments, Japan-based cryptocurrency exchange DMM Bitcoin suffered a significant hack, with over $300 million worth of crypto stolen, including 4,502 BTC.
Also Read: Microstrategy’s Saylor To Pay $40M to Settle DC Tax Lawsuit
