Bitcoin (BTC) is back in the green, and MicroStrategy cofounder Michael Saylor has once again made waves with a bold statement. In a two-word tweet, "Try BTC," Saylor shared a chart showing the U.S. dollar strengthening against the Turkish lira, reinforcing Bitcoin’s role as a hedge against currency devaluation.
A longtime BTC advocate, Saylor continues to position Bitcoin as the ultimate store of value over fiat. His latest tweet highlights its potential as a hedge against inflation, especially in economies facing rapid depreciation.
Meanwhile, MicroStrategy announced plans to sell $500 million in dollar-denominated perpetual preferred stock, aiming to use the proceeds to acquire more Bitcoin. This follows the company’s recent $10.7 million BTC purchase and a prior move to issue up to $21 billion in preferred shares to expand its holdings.
Bitcoin saw a strong rebound, reaching $84,330 early Wednesday ahead of the Federal Open Market Committee (FOMC) meeting. At press time, BTC was up nearly 2% in 24 hours, hitting $84,358. Traders are closely monitoring the $80,000 support level, as a dip below it could signal further downside.
The FOMC’s decision could determine Bitcoin’s short-term trajectory, with a dovish stance potentially sparking a recovery, while a hawkish outlook may prolong market weakness. According to Glassnode, Bitcoin’s price range is still stabilizing after a 30% drop, with declining liquidity in both on-chain and futures markets. Long-term holders remain inactive, suggesting continued sideways movement.
As market participants await macroeconomic signals, Bitcoin's resilience remains in focus, fueled by institutional support and increasing global demand.
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