Bitcoin (BTC) Market Crash: Wild Theory Suggests Michael Saylor and MicroStrategy Behind it

Published by

Published 08 Sep, 2021 | 11:34:52 AM UTC

Bitcoin (BTC) Market Crash: Wild Theory Suggests Michael Saylor and MicroStrategy Behind it

Bitcoin’s (BTC) price crashed by over 20% within an hour to register the biggest market sell-off since May. The price of the top cryptocurrency fell to a new monthly low of $43,685 even though BTC was targeting $53K earlier in the day. BTC has recovered nearly $3K from yesterday’s fall and currently trading at $46,657.

Source: TradingView

Along with Bitcoin, the rest of the crypto market also registered a similar price swing downwards, falling in double digits. While overleveraged markets were predominantly blamed for the flash crash as well as a glitch in Chivo wallet, the national Bitcoin wallet for El Salvador.

Later, Coinbase revealed that the US SEC has threatened them over their stablecoin lending product creating more panic in the market. However, now a new and wild theory is doing the rounds that blame Michael Saylor and MicroStartegy for the dip. A crypto Twitter handle that goes by the name of “Mr. Whale” claimed that Saylor-led MicroStrategy that holds over 1,000 Bitcoin on their balance sheet have started to dump on the market.

The handle claimed that Saylor purposely asked everyone to buy more Bitcoin at $51K knowing his company is going to sell. In an earlier tweet dated 5th September the crypto handle had claimed that Saylor is working on a Bitcoin exit strategy. He alleged that the Fortune 500 company has transferred over 92K Bitcoin to a shady LLC via which they plan to sell without reporting it to the SEC.

Is MicroStrategy Really Dumping Bitcoin?

The wild accusations seem to be based on an uncredited report and it is also important to note that the Twitter handle in question is a known FUD maker. He has also fueled the Bitcoin USDT manipulation theory and jumped on the environmental debate during Musk’s battle with Bitcoin proponents.

MicroStrategy, on the other hand, has given no indication that it plans to sell its BTC holdings, on the contrary, Saylor during the May sell-off reiterated that he has no plans of selling Bitcoin anytime soon while answering a direct question about dumping BTC.

Prashant Jha

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

Published by

Prashant Jha

Published 08 Sep, 2021 | 11:34:52 AM

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.