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U.Today - The cryptocurrency market is under selling pressure, with Bitcoin down over 11% in the last 24 hours to $82,858 at press time. Nearly $1 billion have been liquidated across the crypto market in the last 24 hours, with Bitcoin accounting for $372 million of that total.
The market sell-off has sparked reactions across the crypto community, and Strategy cofounder and chairman Michael Saylor has responded with a philosophical take. The Bitcoin advocate tweeted a poetic Satoshi-inspired statement, hinting at resilience in the face of market instability.
In a tweet, Saylor wrote: "Satoshi started a fire in cyberspace.While the fearful run from it and fools dance around it, the faithful feed the flame, and dream of a world bathed in the warm glow of cyberlight."
The statement reflects Saylor’s unwavering long-term belief in Bitcoin, suggesting that while fear and speculation cause short-term fluctuations, true believers continue to build and accumulate BTC.
Bitcoin rally hits pause
Bitcoin’s rise faltered Monday as traders weighed macroeconomic concerns. Bitcoin dipped to $85,007 on Monday after a big jump on Sunday following the announcement of a crypto strategic reserve, which reached a high of $95,128.The sell-off continued on Tuesday, with Bitcoin falling to lows of $82,252 after reaching highs of $86,726, as earlier enthusiasm about the news of a U.S. strategic crypto reserve was eclipsed by macroeconomic concerns.
On Monday, Michael Saylor-led Strategy stated that it did not sell any class A common stock through its at-the-market equity offering program and did not buy any Bitcoin last week. As of March 2, 2025, Strategy had acquired 499,096 BTC for almost $33.1 billion, or more than $66,357 per Bitcoin.
This marks one of the very few instances in which Strategy did not buy any Bitcoin since late 2024. Since late October, the enterprise-software-company-turned-leveraged-Bitcoin-proxy has been buying Bitcoin practically weekly. In the most recent acquisition, Strategy acquired 20,356 Bitcoin for nearly $1.99 billion at an average price of approximately $97,514 between Feb. 18 and Feb. 23.