Crypto Market Plunges: Bitcoin, Ethereum Lose 10% in Week
• Cryptocurrencies have been experiencing a deep loss in the market today, with some top coins losing more than 5% in 24 hours.
• Bitcoin has lost 10.88% in the past 7 days while Ethereum has dropped 8.89%.
• Peter Schiff is predicting that more blockchain related bankruptcies will bring the crypto winter to an even deeper freeze, advising investors to sell their Bitcoin and buy gold instead.
Crypto Market Deep Losses
Today, many cryptocurrencies including Bitcoin are trading at deep losses. At the time of writing, XRP, MATIC and BNB are all down by more than 5% compared to 24 hours ago. BTC records a 7.88% loss in this period while ETH loses 8.89%. Weekly price losses show that BTC has lost 10.88% and ETH has dropped 10.94%. BNB sees 6.62% and 6.66% losses for its 24-hour and 7-day price trend respectively bringing the overall crypto market cap below $900 Billion currently sitting at $890 billion.
Peter Schiff’s Warnings
Staunch crypto critic Peter Schiff believes that more bankruptcy cases will hit the industry soon resulting in a further deepening of the already existing crypto winter urging investors to sell their Bitcoin and buy gold instead. On Twitter he wrote: “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”. He mentioned Silvergate as an example which crashed recently sending Bitcoin and other cryptos spiraling downwards as well as other blockchain companies which might go bankrupt too according to him but not Bitcoin which he calls “the lifeboat”.
Spencer Schiff’s Response
Peter’s son Spencer responded to his father’s post stating that although cryptocurrency companies might go bankrupt but not Bitcoin which will be the lifeboat in this situation saving it from crashing along with these companies too following his dad’s advice about selling BTCs and buying gold instead as an alternative investment option at this time of market instability caused by these bankruptcies according to Peter Schiff himself who thinks they’re coming soon enough if people don’t take heed of his warning now!
BitStarz Player Lands Record Win
Despite all these predictions by Peter Schiff which may or may not come true one investor managed to land a record win amounting up to $2 million through BitStarz! The player who made this enormous amount was lucky enought o take advantage of Wildio offering an amazing 570% up to 12 BTC plus 300 Free Spins for new players every day only at their website without fail!
Conclusion
With all this going on it looks like there definitely could be something brewing in terms of blockchain related crashes according to Peter Schiff who advises investors accordingly however one cannot ignore Spencer’s response either since he does have his own opinion on how things would turn out if such events occur much like what happened with Silvergate recently causing huge losses for cryptos across board despite this one person making such big gains through BitStarz nonetheless so only time will tell us whether or not we should follow Peter’s advice right now or wait until things settle down before jumping into any kind investments whatsoever!