Ethereum

Swarm

Bitcoin

Cyber

<p>Bitcoin experienced a significant drop, falling below the $68,000 mark overnight. Michael Saylor, the co-founder of MicroStrategy and a prominent Bitcoin advocate, responded by tweeting an AI-generated image featuring a physical Bitcoin and bees, with the caption: “Bitcoin is a Swarm of Cyber Hornets. ” </p> 
<p>However, this price drop did not dissuade Saylor from expressing his confidence in Bitcoin, as highlighted in the Tweet post.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> is a Swarm of Cyber Hornets. <a href="https://t.co/hbUEt1G9EN" target="_blank">pic.twitter.com/hbUEt1G9EN</a></p>— Michael Saylor⚡️ (@saylor) <a href="https://twitter.com/saylor/status/1796821645065105744?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 1, 2024</a>
  </blockquote> 
 </div>
</figure> 
<p>Bitcoin’s price dropped due to macroeconomic factors, <a href="https://x.com/MortensenBach/status/1796519773901041847" target="_blank" rel="noreferrer noopener nofollow">including</a> a 0.25% increase in the Personal Consumption Expenditures (PCE) price index in April. This figure represented a three-year low with a 12-month change of 2.75%. Despite meeting analysts’ expectations, Bitcoin’s price fell by 2.14%, from $68,608 to $67,712, marked by three consecutive red candles. </p> 
<p>However, a small rebound followed, pushing the cryptocurrency slightly upward at the time of writing BTC was trading at<a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noreferrer noopener nofollow"> $67,727.68</a> a 0.43% increase in 24 Hours.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
  <img decoding="async" width="649" height="481" src="https://www.cryptotimes.io/wp-content/uploads/2024/06/Screenshot-4.png" alt="Screenshot 4" class="wp-image-181368">
  <figcaption class="wp-element-caption">
   <em>&nbsp;BTC/USD 1-Day Price Chart (Source: CoinMarketCap)</em>
  </figcaption>
 </figure>
</div> 
<p>Amidst these developments, Japan-based cryptocurrency exchange <a href="https://www.cryptotimes.io/2024/05/31/dmm-bitcoin-suffers-major-security-breach-48-billion-yen-lost/" target="_blank" data-type="link" data-id="https://www.cryptotimes.io/2024/05/31/dmm-bitcoin-suffers-major-security-breach-48-billion-yen-lost/" rel="noreferrer noopener">DMM Bitcoin suffered a significant hack</a>, with over $300 million worth of crypto stolen, including 4,502 BTC.</p> 
<p>Michael Saylor also <a href="https://www.cryptotimes.io/2024/05/26/michael-saylor-embraces-ethereum-etfs/" target="_blank" data-type="link" data-id="https://www.cryptotimes.io/2024/05/26/michael-saylor-embraces-ethereum-etfs/" rel="noreferrer noopener">expressed optimism about Ethereum exchange-traded funds (ETFs)</a>. On the “What Bitcoin Did” podcast, Saylor predicted that these ETFs would lead to mainstream institutional adoption of cryptocurrencies. He suggested that investment allocations in digital currencies could rise from the current 1% to between 5-10%.</p> 
<p>Saylor also noted that it is easier to gain as much public popularity and political support as Bitcoin. He pointed out that such increased acceptance could be advantageous to Bitcoin as it stands today as the market leader, possibly controlling about 70% of the funding for digital currencies. Saylor’s advocacy for investing in Ethereum is quite a turn of events from the previous stand.</p>

Bitcoin Drops Below $68K, Michael Saylor Remains Optimistic

The Crypto Times

Other articles published on Jun 1, 2024

U.S. Treasury Releases First-Ever Risk Assessment on NFTs, Highlighting Potential Illicit Uses an...

Binance Coin (BNB) Price Prediction for June 1

New Solana Memecoin Innocent Trump (INOTRUMP) Will Skyrocket 14,000% as KuCoin Listing Announced,...

Shiba Inu Eyes Potential Bullish Move

Michael Saylor Breaks Silence on Bitcoin Dropping Below $68,000

May Crypto Hack Report: $347 Million Wiped Out from Markets!

Join our free newsletter for daily crypto updates!