The digital currency ecosystem opened to a very bearish setup today, with massive sell-offs ongoing across the biggest cryptocurrencies. Bitcoin (BTC) appears to be the worst-hit cryptocurrency, dropping below the support level at $20,000, and is now changing hands at $19,993.72, down 7.99% over the past 24 hours.
It took the premier digital currency many weeks to stay resilient above the $20,000 mark as different unpleasant events keep springing up in the industry. With the latest fold-up of Silvergate Bank, considered the premier financial institution for the industry, there has been discussion as to whether or not the industry will be cut off from the banking system.
Industry leaders, including pro-crypto attorney John Deaton, are concerned that this event as well as that of FTX can be used as a basis for regulators to increase their anti-crypto agenda.
Despite all this, Ryan Selkis, the founder and chief executive officer of Messari, a major crypto analytics service provider, tweeted, "Buy Bitcoin" in what showcases a confirmation the digital currency is at one of the lowest price points it can be in the short term.
Buy Bitcoin.— Ryan Selkis 🥷 (@twobitidiot) March 10, 2023
Crypto winter elongating
The events of the past 24 hours are an indication that crypto winter is far from over. For what has been raging cold for more than a year, bouts of bankruptcies and fold-ups have dented the progress the industry has been trying to make.
Many crypto critics have predicted there will be sell-offs, and while the words of caution from Jim Cramer and Peter Schiff appear to be playing out at this time, many industry advocates believe this is an ample opportunity to accumulate these cryptocurrencies at a discount.
Bitcoin's RSI supports the claims of Ryan Selkis to buy as it is currently below the 30-point "Oversold" region.