• Cryptocurrency prices including Bitcoin and Ethereum are trading at deep losses today.
• Peter Schiff, a crypto critic, advises investors to sell BTC and buy gold now due to a wave of blockchain related bankruptcies that may crash the market soon.
• Crypto enthusiasts still hold on to their belief in Bitcoin as the lifeboat of the industry.
Crypto Market Records Deep Losses
Many cryptocurrencies including Bitcoin are trading at deep losses today. At the time of writing, some top coins including XRP, MATIC, and BNB, are all down by more than 5% in 24 hours, respectively. While BTC records a 7.88% loss in 24 hours, ETH is down by 8.89%. 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 plunging the overall crypto market cap below $900 Billion leaving it at $890 billion..
Peter Schiff’s Advice On Crypto Investments
A staunch crypto critic Peter Schiff advises investors to sell BTC and buy gold now due to a wave of blockchain related bankruptcies that may crash down on cryptos turning this winter into a deep freeze.. In a Twitter post today he predicted that more bankruptcy cases would hit the industry further deepening this crypto winter..
Crypto Enthusiasts Still Believe In Bitcoin As The Lifeboat Of The Industry
Despite these predictions from Peter Schiff some crypto enthusiasts still hold on to their strong belief in the industry.. For instance his own son Spencer Schiff responded saying that blockchain companies may 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 asked him if his bank is not a thing of the past too?
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The recent bearish downtrends might fuel Peter Schiffs assertions regarding selling Bitcoin and buying gold However some cryptocurrency enthusiasts believe that even when other cryptos might crash or go bankrupt Bitcoin will remain standing as its lifeboat allowing one to still benefit from its investments