Ryan Selkis, the visionary behind Messari Crypto, took to Twitter this morning to advocate for the purchase of Bitcoin amidst a tumultuous 24 hours that saw the crypto market lose over 7% of its total market capitalization. However, Peter Schiff’s tweet presents a conflicting viewpoint.
In a recent tweet, Schiff expressed skepticism about the future of cryptocurrency and asserted that Silvergate, a prominent player in the industry, is already obsolete. He cautioned that blockchain-related insolvencies are imminent and will inevitably devastate the crypto sector. Schiff ultimately advised investors to divest from Bitcoin and instead invest in gold.
According to the latest update from CoinMarketCap, Bitcoin (BTC) – the reigning champion of the crypto market – has experienced a significant drop of 8.27% in the past 24 hours. This has resulted in a weekly performance decline of 11.20% at the reporting time. As a consequence, BTC is currently being traded at $19,860.24.
Schiff’s prediction is coming to fruition as the crypto market cap experiences a 7.75% decline, dipping below the $1 trillion mark.
Yesterday, the value of BTC experienced a significant 6.19% decline, causing it to break through the crucial support level of approximately $21,600. This development is noteworthy for those closely monitoring the cryptocurrency market.
During yesterday’s trading session, Bitcoin’s price commenced at $21,704.37 and experienced a daily low of $20,042.72 before concluding the session at $20,362.22.
The downward trend of BTC’s price persisted, breaching the critical support level of $19,853.96 in today’s trading session. However, the market witnessed a glimmer of hope as buyers rallied to defend this level, propelling BTC’s price above the crucial threshold. Nevertheless, if BTC fails to close above $19,853.96 by the end of today’s trading session, it may face a further decline to $19.5K.
