Renowned crypto critic Peter Schiff recently tweeted his views on the crypto crash. He said that with bitcoin dropping below key support at $25K and Ethereum below 1300, the combined market cap of nearly 20K cryptos around the world has gone below $1trillion.
He also stated that from a record high of $3trillion, the market capitalization of cryptocurrency has already lost $2trillion and only $1trillion is left. And the collapse of the last $1 trillion will be the most painful for cryptocurrency owners.
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
The crypto market is crashing today
Today, cryptocurrency markets hit a new low for the year. The worldwide market value has fallen below $1 trillion to $977 billion, a drop of about 12% since yesterday.
This year, the global crypto market valuation has dropped by over $1 trillion, and almost every major coin is now worth half or less of its all-time high.
The immediate cause of the crypto crisis seems to be a big sell-off by investors in response to rising inflation worries. Investors are also choosing to avoid riskier assets, which is itself reflected in the stock markets.
Bitcoin, the largest and most popular crypto, has dropped below $24,000, while most other altcoins, beginning with Ethereum, have been losing value over the weekend.