Bitcoin Price Drops Below $60K As Market Capitalization Lose $70B

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The general Bitcoin price and digital assets landscape is facing a huge downtrend that has amounted to more than $70 billion in losses. Precisely, this loss is from the total cryptocurrency market capitalization, suggesting a decline in investors’ enthusiasm and confidence. Moreso, flagship cryptocurrency Bitcoin (BTC) is caught up in the middle of this market downturn. 

The firstborn coin is down by 3.21% in the last 34 hours in terms of price. Bitcoin is currently trading at $60,085.77 after recently heading towards $66,000. It is worth noting that the price of the coin had earlier reached below $60,000, marking the first time in several weeks. However, it had a quick resurgence to hit its present level. 

Bitcoin Price Tripped From $70K

This current price level is not a true reflection of the kind of attention that BTC is getting. The crypto asset appears to have taken centre stage in the United States presidential elections. At first, it rose to $70,000 last weekend during the 2024 Bitcoin Conference held in Nashville, Tennessee. The surge did not settle for long before it dumped about $4,000 in market value. 

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From the $66,000 level, Bitcoin price just kept moving down.

US Senator Publish Bitcoin Reserve Legislation 

With America’s national debt reaching its all-time-high (ATH) of about $35 trillion, politicians including Donald Trump and Senator Cynthia Lummis believe BTC holds the key to serving the obligation. 

Consequently, the Wyoming Senator wrote a groundbreaking bill to establish a reserve Bitcoin fund for the US government. It looks like there are many others in support of the legislation because within 48 hours after publishing, the US senators receive 2,200 letters urging them to co-sponsor and endorse this strategic Bitcoin reserve legislation.

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MicroStrategy Collate Q2 Bitcoin Acquisitions 

Still on Bitcoin’s popularity and traction, business intelligence software company MicroStrategy made another purchase of 12,222 Bitcoin for a hefty sum of $805 million. Altogether, the Michael Saylor-led firm now holds a total of 226,500 BTC in its financial portfolio. As of when MicroStrategy revealed its Q2 earnings data, the firm had hit a profit of almost 75% for its BTC holdings.

It is quite clear that the firm is still committed to its Bitcoin strategy which has recently become inspiration for some others like Metaplanet and Semler Scientific.

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