The time to sell Bitcoin (BTC) is now, says Peter Schiff
Many cryptocurrencies including Bitcoin are traded with heavy losses today. At the time of writing, some top coins including XRP, MATIC and BNB are all down more than 5% in 24 hours respectively. While BTC records a loss of 7.88% in 24 hours, ETH is down 8.89%.
Looking at the weekly price losses, Bitcoin has lost 10.88% in the last 7 days while Ethereum has lost 10.94% in the same time frame. Other altcoins, such as BNB, have lost 6.62% and 6.66% in 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, stalwart crypto critic Peter Schiff advises investors to sell BTC and buy gold now.
Several Blockchain-related crashes are under investigation
In a Twitter posts 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 that #Silvergate, the premier crypto bank is already a thing of the past? A wave of #blockchain related bankruptcies will soon crash on #Cryptocurrencies, turns the crypto winter into a deep freeze. Hurry, sell yours #Bitcoin and buy #gold.
— Peter Schiff (@PeterSchiff) March 10, 2023
In particular, Schiff mentioned Silvergate, the crypto-friendly bank that crashed recently, sending Bitcoin and other crypto spirals. While investors may not support Schiff’s analysis, the recent bearish downtrend may fuel his claims.
But even then, some crypto enthusiasts still hold on to their strong faith in the industry. For example Peter’s son Spencer Schiff answered to his father’s post, saying 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 that ship. It is actually the lifeboat
— Spencer Schiff (@SpencerKSchiff) March 10, 2023
Another Twitter user also black to his reference that Silvergate was a thing of the past, asking him if his bank is not a thing of the past.
Isn’t your bank also a thing of the past?
— The financial block (@financial_block) March 10, 2023
Meanwhile, this is not the first time Peter Schiff has encouraged investors to sell their holdings. His recommendation came as the market dreaded the release of the first CPI data for 2023. But instead of plunging, BTC rallied and hit $25,000.
American job announcement changes price pattern for Bitcoin and others
Based on macro impact, the latest Bureau of Labor and Statistics’ Nonfarm Payrolls report is likely to affect crypto prices. The report indicates that the US added 311,000 jobs last month, above the forecast of 205,000. BTC is slowly gaining on its outright crash after Silvergate’s announcement.
Today 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 point to 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
Silvergate bank crash wreaked havoc on the BTC price, affecting other cryptos as well. In particular, the bank has battled trouble with regulators over its link to FTX and Alameda Research, two firms currently in bankruptcy. In its statement, the crypto winter of 2022 and its contagion also affected the ability to continue operations.
As soon as the announcement went out, the stock price fell, and the crypto market bled. Other stocks, including SVB Financial and Silicon Valley Bank, also plunged, sending the banking sector down 7.3% on March 9.
At the time of writing, BTC and other cryptos still struggling on the daily chart. BTC’s price is below the $20,000 mark, ranging between $19,600-$19,700.
Featured image from Pixabay and chart from Tradingview.com
