Bitcoin Plunges 10% in Sell-Off; Saylor Unmoved

Bitcoin's price dropped by over 10% in the last 24 hours, reaching $82,858 at press time, as the cryptocurrency market experienced a sell-off. This decline resulted in nearly $1 billion in liquidations across the crypto market, with Bitcoin accounting for $372 million of that total.

In response to the market sell-off, Michael Saylor, the cofounder and chairman of Strategy, shared a philosophical statement inspired by Satoshi Nakamoto, the pseudonymous creator of Bitcoin. Saylor tweeted, "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."

Saylor's statement reflects his long-term belief in Bitcoin, suggesting that while fear and speculation cause short-term fluctuations, true believers continue to build and accumulate BTC. This sentiment is consistent with Saylor's previous statements and Strategy's ongoing Bitcoin purchases.

Bitcoin's rally hit a pause on Monday as traders weighed macroeconomic concerns. The cryptocurrency dipped to $85,007 after a significant 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 overshadowed by macroeconomic concerns.

In a recent development, 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