The Time to Sell Bitcoin (BTC) Is Now, Says Peter Schiff
Many Cryptocurrencies, including Bitcoin, are being traded with big losses today. At the time of writing, some major coins including XRP, MATIC and BNB are down more than 5% in 24 hours respectively. While BTC is down 7.88% in 24 hours, ETH is down 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 lost 6.62% and 6.66% in their 24-hour, 7-day price trend.
Those losses today have plummeted the total crypto market cap below $900 billion, leaving it at $890 billion. As the market is bleeding, a staunch critic of cryptocurrencies, Peter Schiff, advises investors to sell BTC and buy gold now.
More Blockchain-Related Flaws Are Forming
On a twitter post today, Peter Schiff predicted that more bankruptcy cases would hit the industry, further deepening the crypto winter.
if #crypto really is the future, why is it #silvergate, is the main crypto bank already a thing of the past? a wave of #blockchain related bankruptcies will soon collapse on #CryptoCurrencies, turning the crypto winter into a deep freeze. Run, sell yours #Bitcoin and buy #gold.
—Peter Schiff (@PeterSchiff) March 10, 2023
Notably, Schiff mentioned Silvergate, the cryptocurrency-friendly bank that recently went bankrupt, sending Bitcoin and other cryptocurrencies into a spiral. While investors may not support Schiff’s analysis, the recent bearish trend could fuel his claims.
But even so, some cryptocurrency enthusiasts still maintain their strong belief in the industry. For example, Peter’s son Spencer Schiff to responded to his father’s post, stating that blockchain companies and other cryptocurrencies may crash, but Bitcoin will be the lifeboat.
Cryptocurrency and blockchain companies may go bankrupt, but Bitcoin will not go down with that ship. It’s actually the lifeboat
— Spencer Schiff (@SpencerKSchiff) March 10, 2023
Another Twitter user also answered to his reference to Silvergate being a thing of the past, asking him if his bank isn’t a thing of the past.
Is your bank also a thing of the past?
— The financial block (@financial_block) March 10, 2023
Meanwhile, this isn’t the first time Peter Schiff has asked investors to sell their holdings. His recommendation came as the market feared the release of the first CPI data for 2023. However, instead of plummeting, BTC soared, reaching $25,000.
US job posting changes price pattern for Bitcoin and others
Based on the influence of macros, the latest Nonfarm Payrolls report from the Bureau of Labor and Statistics is likely to affect cryptocurrency prices. The report indicates that the United States created 311,000 jobs last month, above the forecast of 205,000. BTC is slowly gaining from its all-out slump following the Silvergate announcement.
Nonfarm Payrolls (NFP) data will be released today by the Bureau of Labor Statistics at 19:00 IST in the evening✌️
So a strong employment report will point to an improving US economy and 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 wreaked havoc on the price of BTC, affecting other cryptocurrencies as well. Notably, the bank has been battling issues with regulators over its ties to FTX and Alameda Research, two companies currently in bankruptcy proceedings. In his statement, the crypto winter of 2022 and its contagion also affected its ability to continue operations.
As soon as the announcement was released, its share price plummeted and the cryptocurrency market bled. Other stocks, including SVB Financial and Silicon Valley Bank, also plummeted, sending the banking sector down 7.3% on March 9.
When writing, BTC and other cryptocurrencies are still struggling on the daily chart. BTC price is below the $20,000 mark, ranging between $19,600 and $19,700.
Featured image from Pixabay and chart from Tradingview.com