- Crypto market crash continues for the third day.
- BTC and ETH below their average support points.
- Peter Schiff warns of extreme pains during the fall below the last $1 Trillion.
The long and sad weekend is finally over. Yet, the tragedy continues for the crypto market. For the third day in a row the plunge continues for the entire crypto industry.
In spite of this, the overall combined market cap is going below unimaginable lows. This will ultimately diminish many crypto firms too.
Firstly, the Bitcoin (BTC) has reached below its worst feared bridge level average of $25K. Currently, the BTC is trading at a price of $23,505, with the graphs plunging down by a tragic 14.05% for the past 24 hours.
Secondly, the same stature continues for the altcoins too. Ethereum (ETH) has also reached below its average bridge line support of $1300. Currently, ETH is trading for a price of $1,210, 2ith the graphs heading dead down of 17.45%, taking into account the past 24 hours.
Peter Schiff’s Warnings
In spite of all this, the American stock broker and CEO of Euro Pacific Capital Inc, Peter Schiff points out various anomalies which ought to happen.
On 12th June, 2022, Peter Schiff tweeted warning about not to buy or invest in the current dip. He stated so as the dip would continue further, and the losses to be high too.
Accordingly, on 13th June, 2022, Peter once again sent out a tweet. Upon the tweet Peter points out that currently both BTC and ETH are dropping below their average support level.
Also, he points out that the entire market cap for the crypto industry is at its last $1 trillion. Within the past few days the entire crypto industry is down by a whopping $2 trillion, from an all time high of $3 trillion.
With #Bitcoin dropping below key support at $25K and #Ethereum below 1300, the combined market cap of nearly 20K #cryptos has broken below $1 trillion, from a record-high of $3 trillion. That’s $2 trillion down, $1 trillion left to go. The last trillion will be the most painful.
— Peter Schiff (@PeterSchiff) June 13, 2022
Moreover, Peter warns that at the last just $1 trillion remaining, the passing below from the $1 trillion mark would be quite devastating for the entire crypto industry.
Furthermore, Peter remarks indirectly that there may even become a [possibility for the entire crypto industry to vanish off, smirking only the holders will suffer, and lose.
Source: https://thenewscrypto.com/peter-schiff-crypto-market-cap-to-fall-below-800-billion/