Michael Saylor “We Are in a Crypto Winter” as Markets Continue Weakness
Michael Saylor, Executive Chairman of MicroStrategy, has declared a "crypto winter," acknowledging a sustained market downturn. He characterized this as Bitcoin's fifth major correction but described it as potentially "milder" and shorter than previous cycles due to institutional and political support. Despite the downturn, his firm continues to accumulate Bitcoin, purchasing an additional 2,486 BTC for $168.4 million, bringing its total holdings to over 717,000 BTC. Saylor stated the company could withstand a Bitcoin price as low as $8,000.
This follows significant market volatility in early February, where over $2.6 billion in leveraged positions were liquidated in a single day. Bitcoin fell 16% intraday on Feb. 6, dropping to around $60,000 before rebounding to approximately $68,000. Other major cryptocurrencies like Ethereum, XRP, and Solana also saw declines of 10-27%. Analysts suggest upcoming developments and institutional activity could influence market momentum in the coming weeks.
TheNewsCrypto02/18 17:19