“[Bitcoin’s dip] did not happen in isolation and came alongside weakness in tech and other assets, pointing to a broader cross-asset deleveraging rather than a single crypto-specific trigger,” said Jasper De Maere, desk strategist at Wintermute.
If there was one face representing this decline, it would be that of Michael Saylor, the executive chairman of Strategy. His company, often referred to as the first digital asset treasury, exists in order to buy and hoard Bitcoin. On Thursday, Strategy announced a $12.4 billion net loss in the most recent quarter. Saylor, a longtime Bitcoin believer, said that he was confident in a rebound thanks to Trump, who he called the ‘Bitcoin president.’
Bitcoin could be floating at its current price for a while, according to one analyst. “We’ve seen prices bouncing back to [around $70k] as there seems to be some appetite to step in at these levels,” De Maere said.
