Many Cryptocurrencies including Bitcoin are traded today with deep losses. At the time of writing, a few top coins including XRP, MATIC, and BNB are each down more than 5% in 24 hours. While BTC is down 7.88% over the 24-hour period, ETH is down 8.89%.
Looking at weekly price losses, Bitcoin is down 10.88% over the past 7 days, while Ethereum is down 10.94% over the same period. Other altcoins, like BNB, are down 6.62% and 6.66% on their 24-hour and 7-day price trends.
These losses today have dropped the total crypto market cap below $900 billion, leaving it at $890 billion. As the market bleeds, a staunch crypto critic Peter Schiff advises investors to sell BTC and buy gold now.
More blockchain-related crashes are brewing
in one Twitter post Today, Peter Schiff predicted more bankruptcies would hit the industry, further deepening the crypto winter.
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If #crypto really is the future, why is #Silvergate, the leading crypto bank, already a thing of the past? A wave of #Blockchain-related bankruptcies will soon descend on #CryptoCurrencies, turning the crypto winter into a deep freeze. Hurry, sell your #bitcoin and buy #gold.
— Peter Schiff (@PeterSchiff) March 10, 2023
Remarkably, the ship Silvergate mentioned, the crypto-friendly bank that recently crashed, driving Bitcoin and other cryptos into a spiral. While investors may not support Schiff’s analysis, the recent bearish downtrend could fuel his claims.
But even then, some crypto enthusiasts hold onto their strong belief in the industry. For example Peter’s son Spencer Schiff answered at his father’s posts, stating that blockchain companies and other cryptos may crash, but bitcoin will be the lifeboat.
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Crypto and blockchain companies could go bankrupt, but Bitcoin will not go down with this ship. It’s actually the lifeboat
— Spencer Schiff (@SpencerKSchiff) March 10, 2023
Another Twitter user also replied to his suggestion that Silvergate was a thing of the past and asked him if his bank was not a thing of the past.
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Isn’t your bank a thing of the past too?
— The Financial Block (@financial_block) March 10, 2023
Meanwhile, this isn’t the first time Peter Schiff has urged investors to sell their holdings. His recommendation came as the market feared the release of the first CPI data for 2023. However, instead of crashing, BTC surged and reached $25,000.
US job posting changes price pattern for bitcoin and others
Based on the influence of macros, the latest Bureau of Labor and Statistics report on Nonfarm Payrolls is likely to affect crypto prices. The report points out that the United States added 311,000 jobs last month, more than the 205,000 forecast. BTC is slowly recovering from its all-out crash after Silvergate announcement.
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Today, Nonfarm Payrolls (NFP) data is released by the Bureau of Labor Statistics at 7:00 PM IST PM✌️
So a strong jobs report indicates an improving US economy and supports the US dollar 🤝
Join us 👇https://t.co/3BRtMX5ULw#NFP #XAUUSD #fx pic.twitter.com/oxROWaMwJt
— Aidah Malik (@MalikAidah) March 10, 2023
The Silvergate bank crash wreaked havoc on the BTC price and impacted other cryptos as well. In particular, the bank has battled problems with regulators over its affiliation with FTX and Alameda Research, two companies currently in bankruptcy. In his statement, the 2022 crypto winter and its contagion also impacted its ability to continue operations.
As soon as the announcement was made, the share price plummeted and the crypto market bled. Other stocks including SVB Financial and Silicon Valley Bank also tumbled, causing the banking sector to lose 7.3% on March 9th.
At the time of writing, BTC and other cryptos still struggling on the daily chart. The price of BTC is below the $20,000 level and floating between $19,600 and $19,700.
Bitcoin could soon retake the $20,000 mark l BTCUSDT on Tradingview.com
Featured Image by Pixabay and Chart by Tradingview.com
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