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 to argue that the steep sell-off was a necessary event to flush out speculative excess.
Jan. 31 market flush
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.
Saylor remains unfazed
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 lowest level that the cryptocurrency hit since early April, the month of the infamous tariff shock in the U.S. 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.
Arman Shirinyan
Alex Dovbnya
Tomiwabold Olajide
Caroline Amosun
