Saylor's message comes at time when market is in extreme fear
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The brief gain in the cryptocurrency markets following Friday's U.S. jobs release was immediately reversed in volatile trading, bringing Bitcoin , the largest cryptocurrency, to its lowest level in a month.Cryptocurrencies saw mixed price action in early Saturday's trading with Bitcoin down 3% in the last 24 hours to $54,360. Several cryptocurrencies also traded in the red, with Ethereum, Dogecoin and Pepe reporting losses of nearly 4%.
The price movement sparked nearly $292 million in liquidations within the last 24 hours on crypto derivatives markets, as the volatility caught leveraged traders off guard, mostly longs expecting a further price gain, according to CoinGlass data.According to Julio Moreno, head of Research at CryptoQuant, Bitcoin's lackluster performance might be due to a lack of demand growth. He added,"Indeed, demand is declining right now. Basically all valuation metrics are in bearish territory.
According to crypto analyst Ali Martinez,"The Accumulation Trend Score is nearing 0, indicating that market participants are either distributing or not accumulating Bitcoin at the moment."Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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