As Bitcoin prices tumble, Michael Saylor, co-founder and chairman of MicroStrategy, has offered a timely reminder to the crypto community. In a tweet, Saylor stressed the importance of holding onto Bitcoin, writing, "You do not sell your Bitcoin."
Saylor's message comes as market sentiment takes a sharp downturn, with the Crypto Fear and Greed Index showing extreme fear. His warning is likely aimed at discouraging investors from making rash decisions driven by fear and uncertainty, as panic selling could lead to further losses.
After a brief boost in cryptocurrency markets following Fridayโs U.S. jobs data, Bitcoin (BTC) quickly reversed course, dropping to its lowest price in a month. Bitcoin surged above $57,000 initially but then fell back to under $54,000, marking its lowest point since August 5th.
Saturday's early trading saw Bitcoin decline 3% to $54,360, while Ethereum, Dogecoin, and Pepe also suffered losses close to 4%. The price drop caused nearly $292 million in liquidations on crypto derivatives markets, according to CoinGlass, primarily affecting traders who had taken long positions in anticipation of price gains.
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Julio Moreno, head of Research at CryptoQuant, suggested that Bitcoin's weak performance is due to a drop in demand. "Demand is slowing, and most valuation indicators are showing bearish trends," he explained.
CryptoQuant CEO Ki Young Ju noted that Coinbase's Bitcoin spot trading volume dominance has reverted to pre-spot ETF levels. He remarked that for the bull market to continue, U.S. demand must increase and added, "I expect this in Q4, but I could be wrong. Weโre still in the middle of the cycle and havenโt seen the retail bubble yet."
Crypto analyst Ali Martinez added that the Accumulation Trend Score is approaching zero, signaling that market participants are either distributing or not buying Bitcoin at this time.
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