Mon, 3/02/2025 – 11:05Cover image via U.TodayDisclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.The crypto market faced a major sell-off early Monday with the majority of digital assets taking a huge hit. In derivatives markets, over $2.2 billion of bullish crypto positions were liquidated over 24 hours, CoinGlass stated in an X post on Monday, highlighting it as the “biggest crypto crash.”AdvertisementTaking to X, renowned economist and Bitcoin critic Peter Schiff highlighted the crypto market downturn while issuing a seeming warning of a “long crypto winter.” In a tweet, Schiff pointed out Bitcoin’s 7% and Ethereum’s 33% decline, stating: “In case you haven’t noticed, Bitcoin is down 7% tonight, trading just above $93,000, but Ethereum is crashing. It’s down 20%, trading below $2,500, but an hour ago it hit $2,100, down about 33% in one night! It looks like Punxsutawney Phil was right about that long crypto winter.”Schiff’s comments refer to the famous groundhog, Punxsutawney Phil, who “predicts” whether winter will continue or end early each year. In another tweet, Schiff doubled his bearish outlook, saying: “Punxsutawney Phil saw his shadow today. That means it’s going to be a long crypto winter.”RelatedWhile Schiff’s usual skepticism remains bearish on the crypto markets, Bitcoin advocate and MicroStrategy Chairman Michael Saylor took a different stance. In response to the market drop, Saylor tweeted: “Never sell your Bitcoin.”Macroeconomic concerns spurred a sell-off on cryptocurrency markets at the start of the week, with most digital assets heading for their largest two-day decline in over three years.RelatedEthereum, the second largest cryptocurrency by market capitalization, suffered its worst drop in nearly four years on Monday as investors reduced risk. Ethereum fell as much as 27% to $2,150 on Monday morning, its steepest intra-day drop in percentage terms since May 19, 2021, before trimming losses. Other cryptocurrencies were also affected by the sell-off, with Bitcoin down nearly 6% at one point.After gaining since early November, nearly all of the top digital tokens are now down significantly for the year.Ethereum was trading at $2,564, while Bitcoin was at $95,463. The crypto market’s total value plummeted by nearly $360 billion on Monday, according to CoinGecko data.
Lun. Feb 3rd, 2025
