u.today
Bitcoin, the flagship cryptocurrency, has suffered yet another extremely brutal price correction.
That said, Bitcoin advocate Samson Mow has made it abundantly clear that he remains unbothered by the recent market sell-off. This is a rare glimpse of optimism amid extremely negative sentiment.
"The market is sleeping on this"
Mow is confident that Bitcoin's fundamentals have not changed despite the severe price crash. He views BTC as a "neutral, permissionless, bearer money."
He added that Bitcoin remains the best hope for the future, and that "hyperbitcoinization is inevitable because continued fiat money printing is an absolute certainty."
Furthermore, according to Mow, the market is completely overlooking a massive impending institutional buy order from Adam Back's Bitcoin Standard Treasury Company (BSTR).
The recent market crash has made it possible for the company to buy as many as 25,400 coins. The total holdings of the Bitcoin treasury upstart are expected to surpass 55,000 coins.
"The market is sleeping on this," Mow stressed while commenting on Bitcoin's severe underperformance.
Complete meltdown
Earlier today, Bitcoin tumbled by more than 4%, losing the pivotal $60,000 level.
The spot market crash has also pushed crypto equities substantially lower.
Strategy (MSTR) is currently being hammered, trading at prices not seen since February 2024, while other digital asset companies like STRC are hitting new Total market liquidations that have topped $850 million.
The severe weakness in the cryptocurrency sector has been partially attributed to the massive crash recorded by South Korean equities.
On June 23, South Korea’s benchmark stock index, the KOSPI, suffered a catastrophic plunge of more than 900 points (almost 10%).
The carnage happened due to heavy foreign selling of major semiconductor and technology shares.
It remains to be seen whether the bulls will be able to put a stop to this bleeding.