- 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.
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.
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.
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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