The cryptocurrency market sell-off is at a pretty hot time, as the world’s two most popular cryptocurrencies are down as much as 30% in the last week and the total market capitalization is $857 billion.
In the midst of uncertainty, some exponents of the crypto world came out to “appease” users. An example of this was Changpeng Zhao, CEO of Binance, who criticized in his networks those who claim that “the cryptocurrency Ponzi Scheme is ending.” “Crypto is used for global fundraising, investments, micropayments and more by several million people,” he noted. And I add: “Volatility is part of any market. Stocks are also just as volatile, even more “.
The American economist Peter Schiff came out to comment on the future of Bitcoin: “If Bitcoin can plummet 70% from $69,000 to less than $21,000, it can drop another 70% to $6,000. Given the excessive leverage of cryptocurrencies, Imagine the forced selling that would take place during a sale of this magnitude. $3,000 is a more likely price target.” While the data does not negate that BTC could see a further price decline, it also suggests that the worst of the pullback has already occurred and the current extreme lows are unlikely to persist in the long term.. Analysts say it is a good time to “hold” given market prices. Many, despite the fact that major declines in the main cryptocurrencies are estimated, will take the opportunity to buy and wait for the takeoff. The truth is that for now, we have to wait until the end of winter.
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Source: Ambito
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