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The broader digital currency ecosystem is slipping, seeing the combined market cap dropping by as much as 0.59% to $1.17 trillion. Observing this trend, legendary trader Peter Brandt took to his official Twitter handle to share his thoughts that the ongoing trend might suggest the bubble is already popping.
Brandt's tweet is even more critical of crypto traders' positioning and decision-making. He highlighted that most of the investors who debase the United States dollar also hold an asset in USDT, which he believes contradicts their overall convictions. Brandt also criticized Changpeng "CZ" Zhao, whom he called the "scam of the decade."
The bubble is popping. Amazing that #cryptonerds who verbally debase $USD hold assets via $USDT via @cz_binance scam of the decade pic.twitter.com/z0H6gspLeo
— Peter Brandt (@PeterLBrandt) July 10, 2023
Brandt commands a massive following of more than 697,000 followers on Twitter. His opinion as both a crypto and stock market analyst is highly valuable and, over the years, he has established himself as an authority in the industry.
Many analysts believe the growth rate of most digital currencies showcases such a bubble that is generally not reflective of their inherent price level and value proposition. As such, any slip in price can be considered a trend that is not unexpected, sending users the prompt to take caution.
Current crypto performance
Many of the cryptocurrencies on the market today have seen their prices plunge, with Bitcoin (BTC) down by 0.32% to $30,160.23. Ethereum (ETH) has also slipped by 0.17% to $1,862.23, with Tron (TRX) emerging as the biggest loser among the top 10 tokens around. TRX is down by 4.01% to $0.07683.
While the market outlook remains bearish, the volatility appears to be tapering down. Many of the highlighted digital currencies had a deeper price slump earlier today, a trend that appears to be dissipating gradually. For many commenters, the antagonism to Brandt's stance that the market is in a bubble will be solidified should the market print a recovery in the near term.
Vladislav Sopov