Bitcoin experienced a significant drop over the past 24 hours, falling by 7.45% to trade at $88.83, its lowest level since mid-November 2024, according to CoinMarketCap. Bitcoin CEO and Bitcoin supporter Samson Mow, head of crypto firm JAN3, took to X (formerly Twitter) to comment on the crash. In his tweet, Mow described Bitcoin as “oversold” and urged the market to “run it back.” Despite a brief pause in losses, Bitcoin continued to slide, shedding 3.54% just today.
Drivers Behind the Crash
Market experts attribute the decline largely to impending import tariffs imposed by President Trump on Canada and Mexico, set to take effect on March 4. Additionally, the crash has been exacerbated by massive liquidations across the crypto market and significant outflows from Bitcoin spot ETFs.
Institutional Optimism Amid Volatility
In contrast to Mow’s bearish outlook, prominent Bitcoin evangelist Michael Saylor offered a bullish perspective. Saylor stated that “Bitcoin is on sale,” encouraging investors to capitalize on the dip. In line with this sentiment, Saylor’s company, Strategy, announced a massive Bitcoin acquisition of $1.99 billion—enough to purchase over 20,000 BTC. This acquisition is part of a recent convertible senior notes offering, bringing Strategy’s total holdings to 449,096 BTC, valued at approximately $33.1 billion. Saylor has expressed ambitions for the firm to surpass 500,000 BTC in the near future, highlighting a strong institutional vote of confidence in the long-term potential of Bitcoin.
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