Panic has spread all across the crypto market making investors uncomfortable about the recent downside. El Salvador President Nayib Bukele has asked to take a chill pill and maintain patience in such testing times in a message he brought.
On Saturday, June 18, Bitcoin underwent another major price correction slipping under $20,000 for the first time since December 2020. As of press time, BTC is trading at $18,129 with a market cap of $349 billion.
In a message on Twitter, El Salvador President wrote:
The value of El Salvador’s Bitcoin investments is already down by more than 50%. The Latin American country started purchasing Bitcoin in August 2020 and so far has accumulated more than 2300 Bitcoins as part of its reasury. Its recent Bitcoin purchase was in early May 2022.
Popular Bitcoin critic Peter Schiff has further solidified his attack on Bitcoin and crypto. Soon after the U.S. inflation data on June 11, Schiff had predicted that the total market cap of the crypto space would sink under $800 billion and that’s what exactly happened within the span of the last week.
In one of his latest tweets, Schiff made a bold comment that the crypto market is dead. The Bitcoin critic wrote:
It can be seen that the cryptocurrency market is being heavily affected after the Fed’s policy leads to the loss of many investors and large companies. However, there are still a lot of optimistic signals from the community about the crypto winter that will be the leverage to boost the market.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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