U.As we speak – As Bitcoin costs tumble across the $64,000 mark, MicroStrategy chairman and co-founder Michael Saylor appeared on X to voice his unwavering help for the main cryptocurrency. Cryptocurrency costs fell after the Federal Reserve introduced on Wednesday that it might hold rates of interest unchanged.

On the finish of its July assembly, the Fed left its benchmark rate of interest unchanged, giving little indication {that a} extremely anticipated September charge reduce was sure.

Federal Reserve Chairman Jerome Powell mentioned no resolution had been made on whether or not to chop rates of interest in September however that “broadly talking, we’re getting nearer to a charge reduce.”

“We love this coin,” Saylor mentioned in a tweet, remaining bullish regardless of the current market sell-off.

Below Saylor's management, MicroStrategy has amassed an enormous quantity of Bitcoin, turning into one of many largest firms within the cryptocurrency. As of June 20, MicroStrategy had bought 226,331 BTC for about $8.33 billion, with a mean worth of $36,798.

The cryptocurrency group continues to intently monitor Bitcoin worth actions as occasions unfold within the quick time period.

$225 million liquidated in 24 hours

Merchants who had guess on cryptocurrency costs rising had been pressured to rapidly liquidate their positions late on Wednesday when the crypto market crashed, with cryptocurrency liquidations surging to $230.94 million previously 24 hours, in response to knowledge from CoinGlass.

Throughout this era, liquidations of lengthy positions within the cryptocurrency market reached $208.01 million, with many of the liquidation being made up of bets on the value's course, whereas quick positions had been additionally liquidated in whole at $22.95 million, in response to knowledge from CoinGlass.

The majority of the liquidation was pushed by , with lengthy positions accounting for $54.64 million, adopted by Bitcoin at $51.64 million.

Bitcoin has fallen beneath $65,000 and is buying and selling at round $64,093, down 3.36% previously 24 hours.

This text was initially printed on U.As we speak