many cryptocurrencies including Bitcoin are traded in deep losses today. At the time of writing, some of the top coins include XRP, MATIC, and BNB, all down more than 5% in 24 hours. While BTC recorded a loss of 7.88% in 24 hours, ETH fell by 8.89%.
Looking at weekly price losses, Bitcoin has lost 10.88% over the past 7 days while Ethereum has lost 10.94% over the same period. Other altcoins, such as BNB, have lost 6.62% and 6.66% in the 24-hour and 7-day price trends.
These losses have now reduced the overall crypto market cap below $900 Billion, to $890 billion. As the market bleeds, staunch crypto critic Peter Schiff advises investors to sell BTC and buy gold now.
Another Blockchain-related disaster
At Twitter posts today, Peter Schiff predicted that more bankruptcy cases will hit the industry, further deepening the future of crypto.
If #crypto it’s really the future #Silvergate, the premier crypto bank has become a thing of the past? A wave of #blockchain bankruptcy related will soon crash down on #CryptoCurrencies, turning the future of crypto into a deep freeze. Hurry, sell yours #Bitcoin and buy #gold.
— Peter Schiff (@PeterSchiff) March 10, 2023
In particular, Schiff mentions Silvergate, crypto-friendly banks that recently broke up, sending Bitcoin and other cryptos spiraling. Although investors may not support Schiff’s analysis, the recent bearish downtrend may be influencing his statement.
But even now, some crypto enthusiasts still have strong faith in the industry. For example, the son of Peter Spencer Schiff reacted to his father’s post, stating that blockchain companies and other cryptos may crash, but Bitcoin will be the lifeboat.
Crypto and blockchain companies may go bankrupt but Bitcoin will not go down with the ship. It’s actually a lifeboat
– Spencer Schiff (@SpencerKSchiff) March 10, 2023
Other Twitter users also answered for the reference to Silvergate being a thing of the past, ask if the bank is not a thing of the past.
Isn’t your bank a thing of the past?
– Financial Block (@block_financial) March 10, 2023
Meanwhile, this is not the first time Peter Schiff has asked investors to sell their holdings. The recommendation comes as the market fears the release of the first CPI data for 2023. However, instead of collapsing, BTC rose, reaching $25,000.
US Project Announcement Changes Price Patterns For Bitcoin And More
Based on the macro impact, the latest Bureau of Labor and Statistics Nonfarm Payrolls report will affect crypto prices. The report showed that the United States added 311,000 jobs last month, above the forecast of 205,000. BTC recovered slowly from the crash immediately after the Silvergate announcement.
Today, the Nonfarm Payrolls (NFP) data will be released by the Bureau of Labor Statistics at 19:00 IST in the evening✌️
So a strong employment report will indicate a better US Economy and will support 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 caused a crash in the price of BTC, affecting other cryptos as well. In particular, the bank has run into trouble with regulators over its relationship with FTX and Alameda Research, two companies that are now bankrupt. In the statement, the future of crypto 2022 and contagion will also affect the ability to continue operations.
As soon as the announcement came out, the stock price fell, and the crypto market collapsed. Other stocks, including SVB Financial and Silicon Valley Bank, also fell, leading the banking sector to lose 7.3% on March 9.
At the time of writing, BTC and other cryptos still struggling on the daily charts. BTC price is below the $20,000 mark, between $19,600-$19,700.
Featured image from Pixabay and chart from Tradingview.com