Bitcoin (BTC), the largest cryptocurrency by market cap, is once again trading above $67,000, extending its gains from Thursday’s session.
This price recovery has not gone ignored, with MicroStrategy Cofounder and Chairman Michael Saylor issuing a bold statement to capture the moment.
Saylor took to X to share his excitement about Bitcoin’s price rebound. In a tweet, Saylor wrote: “Don’t miss liftoff. Bitcoin.” This brief-yet-powerful message encapsulates his belief in Bitcoin’s potential and might be a call for the crypto community to stay focused as Bitcoin navigates its path in the short term.
Don’t miss liftoff. #Bitcoin pic.twitter.com/cEWhC7v3GZ
— Michael Saylor⚡️ (@saylor) July 26, 2024
Bitcoin’s price recovery to $67,000 comes as the crypto market successfully fends off further losses following a sell-off earlier this week.
The cryptocurrency market extended its losses on Tuesday, the first trading day for Ethereum ETFs, as Mt. Gox handed more Bitcoin to creditors and investors cashed out after the cryptocurrency’s best week since March.
A reversal in stocks sent the S&P 500 and Nasdaq Composite to their lowest levels since 2022, impacting cryptocurrencies. Bitcoin fell to a low of $63,479 on Thursday after three consecutive days of losses, before rebounding significantly.
Optimism rises on Fed rate cut in September
According to Friday’s economic data releases, an important gauge for the Federal Reserve revealed that inflation fell marginally from a year ago in June, paving the way for a widely anticipated September interest rate cut, which is seen as bullish for cryptocurrencies.
There is little expectation that the Federal Open Market Committee, which sets interest rates, will make any movements during its policy meeting next Tuesday and Wednesday. However, the market anticipates a rate decrease at the September meeting, which would be the first in years.
As inflation reached its greatest level in more than 40 years in mid-2022, the Fed launched a series of aggressive hikes, raising its benchmark borrowing rate to its highest level in almost 23 years.
However, the Fed has remained on hold for the past year while it assesses shifting data that, earlier this year, suggested a comeback in inflation. But it has recently shown a steady cooling, prompting many policymakers to discuss the possibility of at least one cut this year.
