- Strategy founder Michael Saylor hinted at another Bitcoin purchase after the asset’s price fell over 13%.
- The weekend crash briefly pushed the value of Strategy’s massive 712,647 BTC holdings below its average cost basis.
- Market sentiment deteriorated, with the Crypto Fear & Greed Index hitting a six-week low following Trump’s Fed chair nomination.
Michael Saylor of Strategy signaled a new Bitcoin acquisition this weekend as the cryptocurrency’s price plummeted, testing his company’s substantial treasury position. The executive chairman posted his characteristic “More Orange” chart on Sunday, historically a precursor to the firm buying more BTC.
This would mark the company’s fifth Bitcoin purchase this year. Strategy remains the largest corporate Bitcoin holder with over 712,647 BTC.
The sharp price decline briefly pushed Bitcoin below Strategy‘s total cost basis of MicroStrategy” rel=”noopener nofollow” target=”_blank”>$76,040. However, the cryptocurrency later rebounded to trade above that level at $76,765.
The crash followed US President Donald Trump nominating a new Federal Reserve chair on Friday. Consequently, precious metals and major stock indices also fell alongside cryptocurrencies.
Market sentiment appears to be worsening significantly. Former Binance CEO Changpeng ‘CZ’ Zhao stated he is now “less confident” about a Bitcoin supercycle during a stream.
The Crypto Fear & Greed Index fell to a score of 14 on Sunday. This represents the lowest market sentiment reading in over a month.
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