After the recent market corrections, Bitcoin (BTC) has plummeted much lower and is struggling to cross even the $40,000 mark. BTC is down about 19 per cent in 2022 Year-To-Date compared to the previous years and still needs to see over 46 percent uptrend from its record high three months ago on November 10, 2021 at nearly $69,000.
On February 22, that world's most popular cryptocurrency Bitcoin tanked below $37,000 raising concerns among traders and investors who were recently warned by Peter Schiff, the crypto critic who claimed that the value of BTC is going to further decline in the near future.
Schiff's doomsday prediction suggests that if Bitcoins falls below $30,000, the crypto could even go below $10,000 mark or even lower in the market. Ranked #1 in the cryptocurrency market, the decentralized digital currency is on the verge of experiencing another crash due to its bearish move that could land many investors in the soup.
Digital Tokens and Major Altcoins Plunge
Not just Bitcoin, several other digital currencies, altcoins and tokens crumbled on Tuesday. Dog meme crypto token Shiba Inu (SHIB) and Dogecoin (DOGE) dipped 10% each while Avalanche tanked 15%, followed by major altcoins such as XRP, Terra, Solana, Stellar, Polygon, Cardano, Polkadot that also plunged in the range of 5-12%. The value of Ethereum, the second-largest cryptocurrency in terms of market capitalization, also dropped by 5%.
Overall, the global cryptocurrency market capitalization went down by 6% reaching the $1.67 trillion mark due to the drastic fall in crypto prices today, while the market volume of cryptocurrencies leaped to more than 43% as it crossed over the $101 billion.
Will Schiff's Prediction Come True?
However, Schiff's prediction may or may not come into fruition as the market is pretty much unpredictable. Recently we saw price reversal of cryptos wherein for example, the price of Bitcoin moved from as low as $35,000 to around $45,000 during January and February 2022.
Bitcoin (BTC) Price
At the time of publishing, Bitcoin was trading at $37,641.43, down by -2.02% in a day's trading period. Bitcoin went as low as $36,488.93 in the past 24 hour with a market cap of $713,877,859,284, according to CoinMarketCap.
Meanwhile, the International Business Times advises crypto investors and enthusiasts to be well aware of the trending crypto news and market updates and not fall for any trading rumors.