u.today
01 February 2026 12:37, UTC
On Jan. 31, retail traders reeled from an excruciating market correction that wiped out over $2 billion in positions
However, Digital Currency Group founder Barry Silbert appears to be unfazed by the brutal wipeout. He labeled the crash a "gift from the crypto gods."
Silbert took to X (formerly Twitter) to argue that the steep sell-off was a necessary event to flush out speculative excess.
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The market turbulence on Jan. 31 was extremely severe, and it has likely tested the faith of even the most ardent bulls.
Bitcoin ($BTC), which had been trading near a 24-hour high of $83,125.88, lost critical support, plunging 5.2% to trade around $78,727. At its lowest point in the session, the leading cryptocurrency touched $77,082.
According to market data provided by CoinGlass, a staggering $2.44 billion was erased from the market.
Of the total liquidations, $2.27 billion came from long positions, compared to just $171.09 million in short liquidations.
For the first time since October 2023, the spot price of Bitcoin has fallen below MicroStrategy’s cost basis. On the Bitstamp exchange, $BTC reached an intraday low of $75,555. That was the lowes level that the cryptocurrency hit since early April, the month of the infamous tariff shock in the US. Saylor’s firm has an average cost basis of $76,037.
Now that Bitcoin is trading in the $77,000–$78,000 range, the margin of safety for the largest corporate holder of Bitcoin has nearly evaporated.
However, Saylor appears to be unfazed by the most recent market correction. In a recent social media post, he stated that he is built for "the long run" with an AI-generated picture of himself participating in a marathon.
