Bitcoin "discounted" to $80,000, and MicroStrategy's CEO says he'd sell a kidney?
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Bitcoin "discounted" to $80,000, and MicroStrategy's CEO says he'd sell a kidney?
Cryptocurrency is a game for the brave.
Navigating Web3 tides with focused insightsAuthor: Pzai, Foresight News
Fear is spreading across the crypto market. According to data from Alternative.me, on February 27, the Cryptocurrency Fear & Greed Index dropped to 10—the lowest level since June 2022—placing the market in an "extreme fear" state. At the time of writing, Bitcoin had fallen below the $80,000 mark, hitting its lowest level since November 2024. In response, Michael Saylor, CEO of Strategy, tweeted: "When you need money, sell a kidney and keep your Bitcoin."
On February 27, U.S. President Trump reiterated on social media that tariffs on Mexico and Canada would take effect on March 4. As the tariff threat materializes, the strengthening dollar has heightened market concerns over a potential "trade war," increasing economic uncertainty and boosting investor risk aversion. Additionally, lawmakers in South Dakota postponed a vote that could have allowed the state to invest in Bitcoin, further clouding the regulatory outlook for cryptocurrencies in the United States.
Beyond the crypto market, Asian equities also suffered significant losses: Japan's blue-chip Nikkei index一度 plunged as much as 3.7%, marking its largest intraday drop since September last year. Foreign investors sold a net 1.55 trillion Korean won worth of KOSPI stocks on Friday—the highest single-day outflow since January 27, 2022.
Market Performance
Within this week, the global cryptocurrency market lost over $800 billion in value, falling below the $3 trillion threshold. Ethereum approached the $2,000 level, reaching its lowest point in nearly a year. Such volatility triggered $860 million in total liquidations across the market within 24 hours. Among major cryptocurrencies, the top ten digital assets saw average weekly declines exceeding 20%. Solana fell from its peak of $293 on January 19 to $126, while DOGE dropped below $0.20 to $0.18.
In the ETF market, recent declines translated into massive outflows. On February 25, spot Bitcoin ETFs recorded a record high net outflow of $1.14 billion. Overall, cryptocurrency ETFs saw $544 million in outflows last week, signaling a spread of bearish sentiment. Since the Bybit hack incident, concerns over asset custody have sparked unease among industry participants, potentially exacerbating capital flight.
Image source: SoSoValue
Market Views
From a market perspective, Matt Hougan, Chief Investment Officer at crypto asset manager Bitwise, summarized recent performance: "Cryptocurrencies are currently digesting the end of the MEME coin frenzy. The market will continue to be weighed down until institutional interest returns."
Ki Young Ju, CEO of CryptoQuant, tweeted that Bitcoin is likely to remain range-bound for now. "I think we might see a prolonged consolidation phase over a wide range—for example, between $75,000 and $100,000—similar to early 2024. This situation may persist until positive news around Bitcoin brings new liquidity."
Arthur Hayes, co-founder of BitMEX, tweeted that the current downtrend continues to deepen. "This morning (February 28), I originally intended to increase my risk exposure (position), but judging from price action, I believe we’re heading toward another sharp drop below $80,000, possibly happening over the weekend, and lasting for some time." Earlier, on February 25, he had projected that Bitcoin could fall to $70,000.
Geoff Kendrick, analyst at Standard Chartered, stated that Bitcoin might decline by 10% to $80,000, though falling Treasury yields could spark a rebound. He noted that $90,000 is a key support level for Bitcoin. Despite favorable policy expectations under the Trump administration keeping prices above this level, waning confidence in the fulfillment of presidential promises and rising macroeconomic uncertainty have weakened cryptocurrencies' appeal.
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