Crypto Market Faces Major Sell-Off with $2.2 Billion Liquidated

Bitcoin and Ethereum Experience Significant Sell-Off

On Monday, the cryptocurrency market endured a substantial sell-off, resulting in major losses for digital assets. Over $2.2 billion in crypto positions were liquidated within 24 hours, according to CoinGlass. This plunge marks one of the market's most severe downturns, fueled by macroeconomic concerns.

Bitcoin and Ethereum Hit Hard

Bitcoin and Ethereum were among the most affected assets. Bitcoin's market value decreased by 7%, trading near $93,000, while Ethereum lost 33% of its value, briefly reaching a low of $2,100.

Peter Schiff's Bearish Outlook

Economist and Bitcoin critic Peter Schiff cited the market decline as evidence of a "long crypto winter." He compared the situation to Punxsutawney Phil's shadow, suggesting an extended period of cold.

Michael Saylor's Perspective

In contrast to Schiff's bearish view, MicroStrategy Chairman Michael Saylor advised investors to hold their Bitcoin positions through market fluctuations. This divergence in perspectives reflects the ongoing debate between Bitcoin advocates and skeptics.

Ethereum's Sharpest Decline

Ethereum experienced its steepest daily price drop in approximately four years on Monday. The asset briefly touched $2,150, indicating significant market sentiment shifts. Ethereum's losses mirrored the wider crypto market sell-off, with similar declines recorded for XRP and Dogecoin.