Steady as a mountain in the plunge, Michael Saylor a satoshi is not sold, Musk hinted firm hold

The total market value of cryptocurrencies evaporated more than $460 billion in the past 24 hours.

Steady as a mountain in the plunge, Michael Saylor a satoshi is not sold, Musk hinted firm hold

The crypto market suffered a “bloodbath” on Wednesday. Bitcoin, the largest cryptocurrency by market capitalization, plunged above $32,000 during the day, while ethereum fell more than bitcoin, marking the biggest daily drop since March 12, 2020, according to BitTrade data. The total market capitalization of cryptocurrencies evaporated more than $460 billion in the past 24 hours.

Total liquidation in the crypto market is growing rapidly, with Bybt data showing that it had exceeded $8 billion at press time, up from the March 12-13, 2020 liquidation total ($5.36 billion) but still below the $9.795 billion on April 18 of this year, with about 90 percent of the trades coming from long positions. The largest liquidation order occurred on the Firecoin platform, worth $67 million.

Steady as a mountain in the plunge, Michael Saylor a satoshi is not sold, Musk hinted firm hold

As the crypto market wailed, MicroStrategy CEO Michael Saylor tweeted, “The ‘entity’ he controls now owns 111,000 bitcoins and has not sold a single satoshi.”

Steady as a mountain in the plunge, Michael Saylor a satoshi is not sold, Musk hinted firm hold

Satoshi is named after Satoshi Nakamoto, the creator of Bitcoin, and is the smallest unit that can exist independently in the Bitcoin blockchain, with each BTC representing 100 million Satoshi. Saylor has been the spiritual leader of the “HODLers”.

It’s worth noting that Saylor didn’t specify what the “entities” included, as MicroStrategy disclosed a position of 92,079 as of May 18. So his claim of 111,000 may include Saylor’s personal bitcoin reserves.

Saylor last revealed his personal holdings on October 28, 2020, when he said he owned 17,732 bitcoins. The company’s holdings add to that number at 109,811, suggesting that Saylor himself has continued to buy.

Crypto figures have been calling for a “de-Muskification” of late. A few days ago, Elon Musk’s tweets sent shockwaves throughout the crypto market, followed by his threat that Tesla was not selling any bitcoin. Since then, bitcoin has extended its short-lived gains to $2,500 and rallied back above $45,000 each.

Today’s plunge came as Musk tweeted darkly: “Tesla has diamond hands, thanks to our cryptocurrency guru.

“The word or emoji “diamond hands” is very popular in Reddit’s WallStreetBets community and stands for “someone who holds a certain asset strongly. So Musk may be suggesting that Tesla is a firm Bitcoin owner.

In contrast to Musk’s capriciousness and wordplay, Saylor’s most rousing slogan was “Bitcoin Forever”.

As of press time, Bitcoin’s decline narrowed and rebounded above $37,000.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/steady-as-a-mountain-in-the-plunge-michael-saylor-a-satoshi-is-not-sold-musk-hinted-firm-hold/
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