Amidst a volatile cryptocurrency market, Strategy's Executive Chairman Michael Saylor has signaled a continued bullish stance on Bitcoin, posting "More Orange" on X on February 1, 2026. This came as Bitcoin experienced a sharp downturn, falling over 6.5% in 24 hours and briefly dipping below $80,000, touching lows near $76,000 for the first time in nearly a year.
The recent price drop is attributed to a combination of macroeconomic factors, including the nomination of Kevin Warsh as Federal Reserve chair, concerns about tighter liquidity, rising real yields, a stronger dollar, and diminishing expectations for near-term interest rate cuts. These pressures have impacted risk assets broadly, leading to approximately $1.6 billion in leveraged liquidations as Bitcoin fell below key technical and psychological levels.
Despite the market turbulence, Saylor's "More Orange" post is widely interpreted as a buy-the-dip signal, suggesting that Strategy intends to continue accumulating Bitcoin. This move reinforces the company's long-standing strategy of accumulating Bitcoin during periods of market stress. As of February 1, 2026, Strategy holds 712,647 Bitcoins, valued at approximately $55.1 billion. The average purchase price is $76,037 per Bitcoin.
The market's reaction to Saylor's continued support is mixed. While some analysts see it as a sign of confidence in Bitcoin's long-term potential, others are concerned about Strategy's ability to continue buying Bitcoin without diluting shareholders, especially as its stock trades at a discount to its Bitcoin holdings.
The broader crypto market is also experiencing significant volatility. On February 1, 2026, Bitcoin's price was around $78,648, a 6.51% decrease in 24 hours. Other cryptocurrencies, including Ethereum, Solana, and Dogecoin, have also experienced significant declines. The total 24-hour trading volume across the market was a substantial $202.66 billion, indicating intense activity. Amidst the turbulence, Bitcoin's dominance has risen to 57.32%, suggesting that investors are turning to Bitcoin as a relative safe haven. The Crypto Fear & Greed Index is currently at 14, signaling "Extreme Fear" in the market.