The unknown future of cryptocurrencies. How far may Bitcoin fall?

The unknown future of cryptocurrencies. How far may Bitcoin fall?

The chief investment officer of the Guggenheim Foundation says that Bitcoin may fall to the level of $ 8,000, which means a decrease of more than 70% from its current levels.

Speaking on the sidelines of the World Economic Forum, Scott Minerd added that the continuous decline of Bitcoin to below $30,000 makes expectations increase on the negative side.

A few days ago, Peter Schiff, chief global economist and strategist at Euro Pacific Capital, predicted an even bleaker scenario for the largest digital currency, Bitcoin, if the downturn continues. He said that Bitcoin’s failure to maintain the 35 levels would lead it to the $33,000 level. Then he added that the failure to maintain the levels of $ 30 thousand, will lead Bitcoin towards the $10,000, which was verified by the first part, which is Bitcoin trading below the levels of $ 30 thousand, and what we are waiting for is its decline towards the $10,000 to fulfil Peter Schiff’s prophecy!

Platforms panic

The collapse of the crypto market withdrew on the major digital exchanges, as ,, the largest cryptocurrency exchange, joined Celsius Network to announce the suspension of deposits and withdrawals in light of the collapse of the cryptocurrency market.

The Binance cryptocurrency platform said a while ago that it had decided to stop deposits and withdrawals from accounts in light of the violent declines sweeping the cryptocurrency market.

This came hours after the decision by Celsius, one of the largest crypto lenders, which has lent more than $8 billion to clients and has nearly $12 billion in assets under management as of May.