Looking at the weekly price losses, Bitcoin has lost 10.88% in the past 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 trend.
These losses today have plummeted the overall crypto market cap below $900 Billion, leaving it at $890 billion. As the market is bleeding, a staunch crypto critic Peter Schiff advises investors to sell BTC and buy gold now.
More Blockchain Related Crashes Are brewing
In 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 #Silvergate, the premier crypto bank already a thing of the past? A wave of #blockchain related bankruptcies will soon crash down on #CryptoCurrencies, turning the crypto winter into a deep freeze. Hurry, sell your #Bitcoin and buy #gold.
— Peter Schiff (@PeterSchiff) March 10, 2023
Notably, Schiff mentioned Silvergate, the crypto-friendly bank that crashed recently, sending Bitcoin and other cryptos spiraling. Even though investors might not support Schiff’s analysis, the recent bearish downtrend might fuel his assertions.
But even at that, some crypto enthusiasts still hold on to their strong belief in the industry. For instance, Peter’s son Spencer Schiff responded to his dad’s post, stating that blockchain companies and other cryptos might crash, but Bitcoin will be the lifeboat.
Crypto and blockchain companies might go bankrupt but Bitcoin won’t go down with that ship. It’s actually the lifeboat
— Spencer Schiff (@SpencerKSchiff) March 10, 2023
Another Twitter user also responded to his reference about Silvergate being a thing of the past, asking him if his bank is not a thing of the past.
Is not your bank a thing of the past as well?
— The Financial block (@financial_block) March 10, 2023
Meanwhile, this is not Peter Schiff’s first time urging 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 spiked, reaching $25,000.
U.S. Job Announcement Changes Price Pattern For Bitcoin And Others
Based on macros influence, the latest Bureau of Labor and Statistics’ Nonfarm Payrolls report will likely affect crypto prices. The report indicates that the United States added 311,000 jobs last month, above the prediction of 205,000. BTC is gaining slowly from its outright crash after Silvergate’s announcement.
Today, the Nonfarm Payrolls (NFP) data will be released by the Bureau of Labor Statistics at 7:00 P. M. IST in the evening✌️
So a strong employment report will point to an improving 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 BTC price, affecting other cryptos too. Notably, the bank has been battling issues with regulators over its link to FTX and Alameda Research, two firms currently bankrupting. In its statement, the crypto winter of 2022 and its contagion also affected its ability to continue operations.
As soon as the announcement went out, its shares price plummeted, and the crypto market bled. Other stocks, including SVB Financial and Silicon Valley Bank, also plummeted, causing the banking sector to lose 7.3% on March 9.
At the time of writing, BTC and other cryptos are 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