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As Bitcoin’s price dipped near the $64,000 mark, Michael Saylor, the chairman and cofounder of MicroStrategy, expressed his unwavering support for the leading cryptocurrency via a post on X. This drop followed the Federal Reserve’s announcement to keep interest rates steady.

At the conclusion of its July meeting, the Fed decided to leave benchmark interest rates unchanged, providing little clarity on a potential rate decrease in September. Fed Chair Jerome Powell stated that while no decisions have been made regarding a September reduction, there’s a broad sense that they are moving closer to it.

In his tweet, Saylor asserted, “We love the coin,” indicating his confidence despite the market downturn. Under his leadership, MicroStrategy has accumulated a significant amount of Bitcoin, positioning itself as one of the largest corporate holders of the cryptocurrency. As of June 20, MicroStrategy owns 226,331 BTC, which were acquired for approximately $8.33 billion at an average price of $36,798.

The crypto community remains vigilant regarding Bitcoin’s price fluctuations amid ongoing developments.

$225 million liquidations reached in 24 hours

Traders who had bet on a price increase were compelled to liquidate their positions quickly on Wednesday as the cryptocurrency market experienced a sharp decline. Liquidations in the crypto market surged over the last 24 hours, totaling $230.94 million, as per CoinGlass data.

During this period, long liquidations accounted for $208.01 million, representing the bulk of positions betting on price growth, while $22.95 million in short positions were also closed. Ethereum led the liquidations with $54.64 million in long positions being liquidated, followed by Bitcoin with $51.64 million.

Bitcoin’s price fell below $65,000, dropping 3.36% in the last 24 hours to approximately $64,093.

This article was originally published on U.Today