- The largest crypto asset Bitcoin is leading the Silvergate-related market crash.
- After billions of dollars evaporated in minutes, Crypto Twitter sounded an alarm.
- Crypto media personality David Gokhshtein tweets a pessimistic forecast.
Crypto journalist and entrepreneur David Gokhshtein expects the bearish trend to persist until the leading crypto asset, Bitcoin (BTC), hits the $0 mark. While the news of Silvergate, a crypto-focused bank going through a major crisis, broke and sent the whole crypto market plunging in the early hours of Friday, Mr. Gokhshtein shared his take on the situation: “I think #bitcoin is going to $0”.
Naturally, the unpopular opinion was instantly met with immense backlash from crypto enthusiasts on Twitter. While one crypto fan remarked that “you needed some extra views, you don’t actually think this right?” another enthusiast who goes by the nickname Unfiltered Boss uttered, “I’m getting my McDonald’s application ready.”
Lastly, Car For Coin added: “Nah, the SEC loves BTC,” referring to Gary Gensler’s recent revelation that he’d only consider Bitcoin (BTC) as a non-security. In response, Gokhshtein sarcastically remarked: “Apparently; #bitcoin isn’t going to $0. Sources: Crypto Twitter,” but then refuted his statement in the same thread, reinstating his original opinion: “It’s going to zero.”
Is DOGE Following in the Footsteps of BTC?
What the self-proclaimed leader of the Shiba Inu (SHIB) community didn’t mention in his Friday tweets is Dogecoin’s relationship with Bitcoin (BTC), the father of all cryptos. The price correlation coefficient between Dogecoin (DOGE) and Bitcoin (BTC) is just 0.34, which indicates weak diversification.
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Crypto trader The Doge Coach argued that “DOGE/BTC is showing a HUGE possibility of a massive breakout.” While showing strength against Bitcoin (BTC) is deemed a bullish signal, because DOGE is considered much more volatile than Bitcoin, it is yet to reflect on the canine coin’s market price.
At press time, the #10 ranked Japanese guard dog-themed cryptocurrency Dogecoin (DOGE) is changing hands at $0.076346, according to CoinGecko. With a 4.9% daily decline, the top dog coin still licks its wounds after dropping by as much as 20.8% in the last 30 days. Even so, the memecoin still has a comfortable spot in the TOP 10 by global market capitalization.
On the Flipside:
- David Gokhshtein recently said that DOGE “will reach a new peak price” inevitably.
- The emerging crypto personality had switched focus to dog-themed memecoins last year with ambitions to lead the community.
- David Gokhshtein made similar statements about Solana (SOL) when it plunged to single digits but later bounced back.
Why You Should Care:
Understanding the sentiment of prominent figures in the crypto space gives a clearer picture of where the market is headed.
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Find out more about the Bitcoin drama:
Silvergate Crisis: Bitcoin (BTC) Leads Market Plummet as Billions Vanish in Minutes
Bitcoin Comes Up Short at $23,650, Ethereum Faces Rough Seas
