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MicroStrategy co-founder and chairman Michael Saylor offered an inspiring message about Bitcoin, the largest cryptocurrency by market cap, amid the current market slump. “Bitcoin expands your world,” Saylor wrote in a tweet.
The statement comes at a time when Bitcoin’s weekend trading activity hit an all-time low.
Bitcoin’s weekend trading volume has fallen by just 16% this year, according to data from cryptocurrency research firm Kaiko, marking a significant shift in trading patterns for the world’s leading digital currency, which traditionally saw more active trading outside market hours.
The decline may signal feelings of boredom and apathy among traders amid continued market uncertainty, as indicated by falling prices.
As the market continues to weather the downturn, Saylor’s vision for bitcoin represents a rallying cry amid an expected rebound in interest and trading activity.
Bitcoin dominated the news in early 2024 when the largest digital asset’s spot ETFs were launched for the first time in the U.S. BlackRock and Fidelity ETFs saw heavy inflows, helping Bitcoin hit an all-time high of $73,798 in March, but demand and prices have since cooled.
Bitcoin Price Trends
Bitcoin price is still locked in a wide range. After plummeting to a low of $58,414 last Monday, bulls have been working tirelessly to keep Bitcoin above $60,000. This is a positive sign as it indicates that bulls may be buying Bitcoin on the dip.
Reports suggest that over 20,200 BTC, or $1.23 billion, was sent to the accumulation address in a single day, suggesting buying at low prices.
However, bullish sentiment has declined across major social media platforms in recent weeks due to range-bound movement over the past few weeks and a failed breakout to new highs above $73,777, according to on-chain data from Santiment. The decline in trader enthusiasm could signal a market bottom, Santiment added.
At the time of writing, BTC is up 0.81% over the past 24 hours to $61,387.
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Tomiwabold Olajide
