Michael Saylor reaffirms belief in Bitcoin's future amidst market uncertainty, BTC rebounds

From Investing.com

August 16, 2024 3:00:24 pm:

Michael Saylor, chairman of MicroStrategy, affirms belief in Bitcoin’s future amidst market uncertainty, declaring “Bitcoin is the Future.” BTC rebounds after two-day drop following latest U.S. CPI data release, with net outflows from Bitcoin ETFs contributing to decline. BTC recovers to $58,633 after dip to $56,120, showing resilience in face of volatility.

Labor market and economy jitters rise after worse-than-expected July jobs report, questioning Federal Reserve’s potential rate cuts. Market anticipates rate cut in September, supported by July inflation data showing 0.2% monthly CPI increase and 2.9% yearly rise. Cryptocurrencies sensitive to U.S. economic data, watching Fed officials’ comments closely.

Market awaits Federal Reserve officials’ insights on economy and interest rates, particularly at upcoming Jackson Hole symposium next week. Cryptocurrencies remain on edge amid economic uncertainty and potential policy changes.

Read more at Investing.com: Michael Saylor Issues Bitcoin Message Amid Current Market Uncertainty By U.Today