Popular crypto blogger cites factors that could push Bitcoin below $15,000 soon
Controversial YouTube Crypto Blogger Ben ArmstrongAlso known as BitBoy.
Bitboy tweeted that if Bitcoin sustains above $15,000, the odds of a bottom will increase dramatically.
Today may be a panic day. There’s been so much news in the last 12 hours that it’s honestly hard to keep track of or cover it all.
If Bitcoin holds $15,000 during the DCG/Genesis/Silvergate debacle, in addition to unemployment going the wrong way (from ADP)… the bottom shifts dramatically May ⬆️
— Ben Armstrong (@Bitboy_Crypto) January 5, 2023
Crypto Negative News
crypto blogger There has been so much negative cryptocurrency news over the last 12 hours that it is difficult to keep up with it all. In particular, he mentioned three major pieces of news that he believes could force Bitcoin to fall below the $15,000 level.
Unemployment rate expected to worsen
The first is the problems with the DCG and its lending arm, Genesis, the decline in deposits at crypto-minded Silvergate Bank, and the US unemployment rate, which is projected to reach 4.6%. Employers are expected to create about 43,000 new jobs each month in 2023.
This is far worse for the job market than in 2022, when the unemployment rate was 3.7%. Over the past year, over 400,000 new jobs have been created by businesses.
The Winklevoss and Silverbart Controversy
Meanwhile, the head of the Gemini exchange, Cameron Winklevoss, is trying to recoup $900 million in client funds lent to DCG’s Genesis. Initially, this nearly $1 billion sum of his was loaned to Barry Silbert’s firm to give Gemini lenders high returns. However, it seems that Winklevoss will not be able to get this money back, as Genesis is having liquidity problems and is on the verge of bankruptcy.
Bankruptcy of Silvergate Bank, layoff of employees
Prominent crypto-focused bank Silvergate faces massive withdrawal of around $8.1 billion after FTX exchange collapsed in early November and its founder Sam Bankman-Fried was arrested Did. The bank has been selling assets at a loss to cover withdrawals and has laid off about 40% of its employees.