- Ryan Selkis tweeted that investors should “buy”.
- Peter Schiff tweeted that many more bankruptcies will come during this crypto winter.
- BTC price is down by 8.27% in the last 24 hours.
Ryan Selkis, founder of Messari Crypto, tweeted “Buy Bitcoin” this morning as the crypto market shed more than 7% of its total market cap in the past 24 hours. However, Peter Schiff’s tweet contradicts Selkis’s.
— Ryan Selkis (@tobittudio) March 10, 2023
In his tweet, Schiff cast doubt on the future of cryptocurrency and claimed that Silvergate is “already a thing of the past.” He warned that a wave of bankruptcies associated with the blockchain will soon “collapse” in the crypto sector, and concluded by saying that investors should sell their bitcoins and buy gold instead.
If #crypto is really the future, why is #Silvergate, the already number one crypto bank, a thing of the past? A wave of #blockchain-related bankruptcies will soon be crashing down on #CryptoCurrencies, turning crypto winter into a deep freeze. Hurry up sell your #bitcoin and buy #gold.
— Peter Schiff (@PeterSchiff) March 10, 2023
At press time, CoinMarketCap shows that the price of Bitcoin (BTC), the leader in the cryptocurrency market, has fallen by 8.27% over the past 24 hours. This resulted in a drop in weekly performance of 11.20% at press time. As a result, BTC is currently trading at $19860.24.
Given the 7.75% drop in the cryptocurrency market cap to less than $1 trillion, Schiff’s predictions seem to be starting to emerge.
BTC/USDT Daily Chart (Source: TradingView)
BTC price broke the key support level around $21,600 yesterday after a 6.19% decline.
Yesterday’s trading session saw BTC price open at $21,704.37 and reach a daily low of $20,042.72 before closing the trading session at $20,362.22.
BTC price continued the negative trend, dropping below the next major support level around $19,853.96 in today’s trading session. Fortunately, the buyers stepped in to defend this level and pushed the bitcoin price higher once again above the crucial price mark. BTC price may continue to drop to $19.5K if it closes today’s trading session below $19,853.96.
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The Messari Crypto founder’s post on ‘Buy BTC’ amid bearish sentiment appeared for the first time on Coin Edition.