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The cryptocurrency market has been hit by a dramatic sell-off, with over $150 billion wiped off the combined value of all digital assets within just 24 hours. This sharp downturn comes after a brutal weekend liquidation event that shook the market, and the turmoil continues into Tuesday.
According to CoinGecko, the total market capitalization of cryptocurrencies has dropped significantly, and CoinGlass data reveals that $712 million was liquidated across various crypto assets in the last 24 hours alone.
The sell-off was triggered by a mix of factors, including mounting trade tensions that have pressured risk assets globally. Bitcoin, for example, saw its value drop by 2.9% in the past 24 hours, falling to $112,057.96 after briefly reaching a high of $116,020.49 during a short-term recovery.
Trading volume also took a hit, decreasing by nearly 19%, as investors remain cautious amid the market’s uncertainty.
Despite the current volatility, Michael Saylor’s strategy of Bitcoin accumulation continues. In the past 48 hours, his company added 220 BTC to its treasury, indicating confidence that the market will recover in the long run.
However, there has been little reflection of the typical “buy the dip” mentality that characterized previous market corrections, suggesting a shift in investor sentiment.
A fierce debate has reignited between Peter McCormack, host of the “What Bitcoin Did” podcast, and Peter Schiff, the outspoken gold advocate. Schiff, who has long criticized Bitcoin, recently doubled down on his claim that both Bitcoin and Ethereum are heading for a meltdown.
According to Schiff, crypto investors will soon learn a “valuable but expensive lesson” as these assets crash.
However, McCormack has used the performance of Bitcoin since 2013 to call out Schiff’s predictions. He pointed to Bitcoin’s massive 25,280% growth during this period, a stark contrast to gold’s 203.8% rise. When adjusted for inflation, gold’s gains shrink to just 118%.
McCormack slammed Schiff for repeatedly dismissing Bitcoin, even as it surged past gold in value, especially in the face of inflation. He argued that anyone following Schiff’s advice missed out on life-changing profits, while gold failed to keep pace with rising inflation.
This battle of perspectives highlights the growing divide in the financial world, with Bitcoin increasingly seen as a hedge against inflation, while gold’s traditional safe-haven status is being questioned.
The debate between McCormack and Schiff is a microcosm of the larger conversation surrounding the future of money and assets in a rapidly changing global economy.
By 36Crypto
3 months ago
