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May 9, 2022

How Bitcoin is Faring Amidst Market Crash

Bitcoin (BTC), the king of cryptocurrencies, has been on the decline since the beginning of the year. At the time of publication, BTC was trading at an average price of $32,897. Bitcoin has lost more than 22% in the last 30 days. In the midst of the crackdown, Peter Schiff, CEO of Euro Pacific Capital, has predicted that Bitcoin will go below $10,000.

Schiff is well-known for being a vocal opponent of Bitcoin. In a recent attack, he stated that the BTC price decline understates the digital asset’s fragility. He believes that if Bitcoin’s price falls below $30,000, it will have a terrible time.

Schiff polled his Twitter followers on what they would do if Bitcoin fell below $10,000. He stated that Bitcoiners must make a critical decision right now. Meanwhile, he left out the option to “purchase the dip.”

The poll, on the other hand, did not reflect his feelings. To date, over 36k accounts have voted in the poll. BTC will hold the fort, according to 74 percent of those who voted, and they will HODL BTC. On the other hand, roughly 26% of voters stated they’ll sell Bitcoin and possibly buy it again later.

Schiff believes that the recent decrease in Bitcoin’s price is a leading indicator of the risk assets’ weakness. The stock market’s futures were also down 1%.

Over $422 million was liquidated from the Crypto market in the last 24 hours, according to Coinglass. It’s worth noting that over $145 million was shifted out of Bitcoin alone.

Because it remains heavily correlated with present economic conditions, the cryptocurrency market is under tremendous pressure. In the previous 24 hours, the global crypto market has dropped by 4.8 percent. The overall market capitalization is $1.5 trillion.