On Saturday, June 18, Bitcoin suffered another major price correction, slipping below $20,000 for the first time since December 2020. At press time, BTC is trading at $18,548 with a market cap of $354 billion. of dollars.
Panic has spread throughout the crypto market, making investors uneasy about the recent drop. Salvadoran President Nayib Bukele asked to take a chill pill and to remain patient in these trying times. In a message on Twitter, President Bukele wrote:
I see some people worry or worry about bitcoin market price. My advice: stop staring at the graph and enjoy life. If you have invested in Bitcoin your investment is safe and its value will increase tremendously after the bear market. Patience is the key.
The value of bitcoin investments from El Salvador has already fallen by more than 50%. The Latin American country started buying Bitcoin in August 2020 and has so far accumulated over 2,300 Bitcoins as part of its treasury. His recent Bitcoin purchase was in early May 2022.
The Crypto Industry Is Dead, Says Peter Schiff
Popular bitcoin critic Peter Schiff has further stepped up his attack on bitcoin and crypto. Shortly after the US inflation data on June 11, Schiff predicted that the total market capitalization of the crypto space would fall below $800 billion and that is exactly what happened. over the past week.
In one of his last tweets, Schiff made a bold comment that the crypto market is dead. The Bitcoin Critic wrote:
Many people in the #crypto industry say this crash is a healthy turnaround. I agree it’s healthy, but not for crypto. This industry as we know it is dead, which is very healthy for the economy. Crypto probably has a future, but Bitcoin will not be part of it.
He further attacked Bitcoin calling it an “epic failure”. He wrote that bitcoin maximalists should realize that bitcoin no longer acts as a safe haven.
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