Bitcoin faced a notable decline, dropping below the $68,000 threshold overnight. In response, Michael Saylor, a key figure in MicroStrategy and a strong proponent of Bitcoin, shared an AI-generated image on Twitter featuring a physical Bitcoin and bees, labeling it as 'Bitcoin is a Swarm of Cyber Hornets.' Despite this downturn, Saylor remained resolute in his faith in Bitcoin, as evidenced by his tweet. The drop in Bitcoin's value was attributed to macroeconomic influences, such as a 0.25% rise in the Personal Consumption Expenditures (PCE) price index in April, hitting a three-year low with a 2.75% 12-month change. Although meeting analysts' projections, Bitcoin's price decreased by 2.14%, slipping from $68,608 to $67,712, marked by three consecutive downward trends. Nonetheless, a minor recovery ensued, nudging the cryptocurrency slightly upward. At the time of writing, BTC was trading at $67,727.68, reflecting a 0.43% increase over 24 hours.

Amidst these events, DMM Bitcoin, a Japan-based crypto exchange, fell victim to a significant breach, with hackers making off with over $300 million in crypto assets, including 4,502 BTC.

Michael Saylor also conveyed optimism regarding the recent approval of Ethereum exchange-traded funds (ETFs). During a podcast appearance on 'What Bitcoin Did,' Saylor anticipated that these ETFs would pave the way for widespread institutional adoption of cryptocurrencies. He proposed a potential spike in investment allocations towards digital assets, projecting a rise from the current 1% to a range of 5-10%.

Highlighting the potential for Bitcoin to garner extensive public and political backing akin to Ethereum, Saylor asserted the strategic advantages such acceptance could offer to Bitcoin as the dominant player, possibly controlling around 70% of the digital currency market. His shift towards endorsing Ethereum investments signals a notable departure from his previous stance.