Barstool Sports founder Dave Portnoy has half-jokingly opined that Bitcoin, the leading cryptocurrency, might go to zero.
Market sentiment has rapidly deteriorated after Bitcoin plunged below the $60,000 yet again earlier today.
"Tell me why they are wrong"
Portnoy took to social media to take aim at the most vocal uber-bulls without naming names.
"I need all the Bitcoin and crypto people who say it’s going to a million and how it’s the future to tell me why all the people who have always said it’s a scam and going to zero are wrong," Portnoy stated.
Market carnage
Earlier today, Bitcoin collapsed to its lowest level since October 2024, plunging by 4.2%.
Crypto-proxy stocks are also being hammered, with Strategy (MSTR) currently trading at prices not seen since February 2024. Assets like STRC are hitting new all-time lows.
According to CoinGlass liquidation data. 169,531 traders were completely liquidated.
Total market liquidations reached a staggering $869.39 million. The vast majority of the financial damage was recorded by long positions (they have accounted for $785.31 million of the total 24-hour wipeout).
On-chain weakness
On-chain analytics firm Glassnode reported that Bitcoin's break has been caused by ongoing ETF outflows, mass loss realization by panicked investors, and defensive options positioning.
Glassnode has warned that "broad demand remains absent."
Economist Henrik Zeberg has noted that Bitcoin's drop below $60,000 is happening while the U.S. Dollar Index (DXY) sits at a relatively low 101.
"Now imagine what happens when the DXY revisits its 2001 highs during the deflationary bust I expect to unfold into late 2026 and early 2027," Zeberg stated.
He warned that the market is entirely unprepared for what is to come, adding, "Most investors have never experienced a true global scramble for dollars."
U.Today Editorial Team
Dan Burgin
