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MicroStrategy President Michael Saylor made a profound statement that resonates with the heart of the digital asset community: “Bitcoin is the signal.” This statement comes during a period of uncertainty in the market, where Bitcoin is entering uncharted territory after hitting an all-time high of $73,750 and investors are wondering what comes next.
According to the most recent Coin Shares Digital asset investment products saw weekly outflows, the first since a record seven-week run of inflows totaling $12.3 billion, according to a report. The recent price decline caused investor hesitancy, resulting in record net outflows of $942 million. Bitcoin accounted for 96% of flows, with $904 million in outflows.
Bitcoin rose 2.45% over the past 24 hours to $67,177, but fell 1.77% over the previous seven days. BTC is now down from its all-time high of $73,750, reached on March 14.
SaylorBitcoin's comment, “Bitcoin is the signal,” is a figurative argument that Bitcoin stands out as a clear signal amid market noise – whether regulatory chatter, price volatility, or uncertainty general. This could also imply that Bitcoin remains a powerful indicator of market direction.
Saylor's MicroStrategy currently owns 214,246 Bitcoins, which it purchased for an average of $35,160 per coin. MicroStrategy began purchasing Bitcoin in August 2020 and has since steadily increased its portfolio.
Uncertain economic outlook
On the Financial marketsinvestors are eagerly awaiting new economic data due to be released this week, set to offer insight into the state of the economy.
Federal Reserve Chairman Jerome Powell, speaking at a news conference following the central bank's latest meeting, hinted at the possibility of reducing policy austerity later in the year , provided the economy grows as expected. However, Powell also acknowledged the uncertainty surrounding the economic outlook and the ongoing challenge of achieving the 2% inflation target.
Throughout the week, investors will closely monitor key economic indicators, including the Fed's inflation gauge, for valuable insight into the economic outlook.
Contrary to the optimism surrounding potential rate cuts and the resulting rise in stock markets, Bitcoin has seen a slowdown over the past week.