SchiffGold’s chairman, economist and investor Peter Schiff used Twitter to comment on the current decline of the cryptocurrency market, pointing to the crash of related stocks while commenting on the recent crash in cryptocurrencies. Meanwhile, Bitcoin slumped below the $37,000 zone.
Schiff: Bitcoin and Blockchain related stocks crash
Schiff now believes that Bitcoin and the crypto market in general are down with stocks of companies working in the Blockchain space, all crypto believes the currency industry will emerge as a “bad investment”. He claims that many layoffs at these firms will force individual cryptocurrencies investors to sell their holdings to pay the rising bills.
#Bitcoin, #crypto, & #blockchain related stocks are getting decimated. Many of these companies will go bankrupt as the entire industry is exposed as malinvestment. Mass layoffs will result in mass selling of crypto as unemployed workers raise cash to pay soaring household bills.
— Peter Schiff (@PeterSchiff) May 5, 2022
He also commented on the total amount of 19,316 new coins in the market. He says that with the demand for various cryptocurrencies, the overall decline in the value of the crypto market over the past half year has been 42 percent. He believes that eventually, the cryptocurrency supply will exceed the overall market cap.
Schiff expects BTC to drop below $30,000
In early January, Schiff voiced his view that the global leading cryptocurrency would drop below $30,000 support. At that time, Bitcoin was trading at $35,000. Now, as we reported on Kriptokoin.com, BTC was affected by half a basis point (the highest increase in 22 years) from the latest interest rate hike by the US FED, the price fell to the region of $ 36,362. The fall of Bitcoin causes the rest of the crypto market to fall as well.
On May 5, Fairlead Strategies founder and managing partner Katie Stockton said in an interview with CNBC that the Bitcoin chart has broken down and expects the leading crypto to find the next level of support at roughly $27,200. told. Meanwhile, Bitcoin is down more than 8 percent in the last 24 hours and is currently trading at $36,132. Ethereum, the second largest cryptocurrency by market value, is also changing hands at $2,710, down 7% in the last 24 hours.
