The king of Cryptocurrency, Bitcoin (BTC) is facing a continuous downfall since the beginning of the year. BTC is trading at an average price of $32,897, at the press time. Bitcoin is down by over 22% in the last 30 days. Amid this crackdown, Peter Schiff, CEO of Euro Pacific Capital, has suggested that BTC can slide towards the 10K price mark.
Schiff sees extended losses if BTC falls below $30K
Schiff is known as a big time Bitcoin opposer. In a recent attack, he mentioned that the BTC’s price drop understates the weakness of the digital asset. He stated that if Bitcoin slumps under the 30K price mark then it can be a difficult time for it.
In a Twitter poll, Schiff asked his followers what will they do if BTC crashes below $10K. He asserted that Bitcoiner has to make a very important decision now. Meanwhile, he left out the “buy the dip” option.
If $30K fails it’s lights out!
-Schiff on Twitter
Trending Stories
However, the poll didn’t work out according to his sentiments. Over 36k accounts voted in the poll till now. The 74% of the voting turnout supported that BTC will hold the fort and they will HODL BTC. On the other hand, nearly 26% of the voters said that they’ll sell their Bitcoin and maybe buy it later.
Over $145 million positions liquidated
Schiff suggested that the recent drop in Bitcoin’s price is a major indicator of the weakness of the other risk assets. The stock Market future was also down by 1%. According to Coinglass, over $422 million was liquidated from the Crypto market in the last 24 hours. It is important to note that more than $145 million was moved out from Bitcoin only.
The Cryptocurrency market is trading under an immense amount of pressure as it remains highly correlated with the current economic conditions. The global crypto market is down by 4.8% in the last 24 hours. The total capitalization stands at $1.5 trillion.
- WOO Network Halts Terra’s LUNA Trading Just Hours After Relisting It
- Terra Crash Spilled Over Into Other L-1 Blockchains, Here’s How
- SEC Chair Gensler Responds To Terra Crash, More Regulation Due?
- Terra Like A Crypto “Pyramid Scheme,” Says Activist Investor Bill Ackman
- Ethereum Shorts Building Up, ETH Exchange Supply Rises
- Bitcoin (BTC) Hits 3-Day Death Cross, More Bloodbath Coming?
- Crypto Expert PlanB Reveals New Bitcoin (BTC) Bull Run
- Solana (SOL) NFT Trades Moon Amid Crypto Crash
- LUNA Founder Faces Community Backlash Over LUNA Revival Plan; Here’s Why
- Breaking: Do Kwon Releases Another LUNA Revival Plan
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?
- ETH Price Analysis: Consolidation Range Soon To Launch ETH Above $2250
- Bitcoin Price Analysis: Triangle Breakout Sets BTC Rally To $32000 Mark
- LUNA Price Analysis: Opportunity to Buy Cheap or A Bull Trap?
- Decentraland Price Analysis: MANA Price Prepares For 60% Gains; Are You Buying?
- SOL Price Analysis: Is $60.0 Around The Corner On The 4-hour Chart?
- DOGE Price Analysis: Wedge Pattern Retest Phase Warns $0.08 Fallout
- Ripple Price Analysis: XRP Price Remains Pressured below $0.50; Is Selling A Good Choice?
