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

• Bitcoin and Ethereum saw significant declines, with Ethereum losing up to 33% in a single day.  
• Peter Schiff warned of a prolonged crypto winter, citing Bitcoin and Ethereum’s sharp drops.  
• Despite the sell-off, Michael Saylor advised holding Bitcoin, contrasting with bearish market views.

The cryptocurrency market experienced a significant sell-off early on Monday, resulting in massive losses for most digital assets. Over just 24 hours, more than $2.2 billion in bullish crypto positions were liquidated, according to data from CoinGlass. This marks one of the biggest crashes in the market, with investors reacting to macroeconomic concerns. 

Ethereum and Bitcoin Hit the Hardest 

Two of the biggest losing assets were Bitcoin alongside Ethereum. The Bitcoin market value suffered a 7% decrease to trade near $93,000 simultaneously as the Ethereum market lost 33% of its value. During that particular day, Ethereum reached a low of $2,100 while experiencing a 27% decline in market value. Economist and Bitcoin opponent Peter Schiff showcased the market drops on X while using “a long crypto winter” to explain the circumstances. The market decline matched Punxsutawney Phil’s shadow which represents an extended wintry period according to him. 

Schiff doubled down on his bearish sentiment, emphasizing that the current market downturn mirrored the groundhog’s prediction for a “long crypto winter.” He pointed out that Ethereum’s drop had been particularly severe, and even suggested that the market might experience further declines in the coming months. Schiff’s critical comments added fuel to the ongoing market fears, warning investors of more challenges ahead. 

The perspective presented by MicroStrategy Chairman Michael Saylor differed completely from Schiff’s pessimistic view. The Bitcoin expert Michael Saylor recommended to his investors that they should keep their Bitcoin holdings throughout the market fluctuations. These different viewpoints current in cryptocurrency show professionals split between Bitcoin skeptics who recommend caution and Bitcoin believers who stand fast within their belief in enduring Bitcoin value. 

Ethereum’s Steepest Drop in Years 

Ethereum suffered its biggest daily price devaluation in approximately four years on Monday. The asset briefly touched $2,150 before retracting some position back but maintained substantial market sentiment alterations. The substantial price decreases of Ethereum followed the general crypto market movement that caused similar losses among XRP and Dogecoin assets.