- Ryan Selkis tweeted that investors should “Buy Bitcoin.”
- Peter Schiff tweets that several bankruptcies will come during this crypto winter.
- BTC’s price has dropped 8.27% over the last 24 hours.
The founder of Messari Crypto, Ryan Selkis tweeted the words “Buy Bitcoin” this morning as the crypto market shed more than 7% of its total market cap in the last 24 hours. However, Peter Schiff’s tweet contradicts that of Selkis.
Buy Bitcoin.— Ryan Selkis (@twobitidiot) March 10, 2023
In his tweet, Schiff questioned crypto’s future and claimed that Silvergate is “already a thing of the past.” He warned that a wave of blockchain-related bankruptcies will soon “crash down” on the crypto sector” and concluded by stating that investors should sell their Bitcoin and buy gold instead.
If #crypto really is the future, why is #Silvergate, the premier crypto bank already a thing of the past? A wave of #blockchain related bankruptcies will soon crash down on #CryptoCurrencies, turning the crypto winter into a deep freeze. Hurry, sell your #Bitcoin and buy #gold.— Peter Schiff (@PeterSchiff) March 10, 2023
At press time, CoinMarketCap shows that the price of the crypto market leader, Bitcoin (BTC), has fallen 8.27% over the last 24 hours. This has dragged its weekly performance down by 11.20% at press time. As a result, BTC is currently trading at $19,860.24.
Given that the crypto market cap is down 7.75% to sub $1 trillion, it seems that Schiff’s forecast is playing out.
Daily chart for BTC/USDT (Source: TradingView)
The price of BTC broke through the key support level at around $21,600 yesterday after a 6.19% drop.
Yesterday’s trading session saw BTC’s 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’s price has continued the negative trend dropping below the next key support level at around $19,853.96 in today’s trading session. Fortunately, buyers stepped in to defend this level and push BTC’s price back up above the crucial price mark. BTC’s price may continue to fall to $19.5K if it closes today’s trading session below $19,853.96.
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