cryptoselloff

Andrew Tate's high-profile Bitcoin purchase has turned into a disaster within hours. The controversial influencer bought $2 million worth of BTC at $67,000, only to watch the cryptocurrency plummet to lows of $63,000. The rapid collapse has left Tate nursing approximately $90,000 in losses, representing a painful 4.48% drop on his position.
According to BSCNews on X, the tracking account monitoring Tate's crypto moves revealed the steep damage:
"TATEWATCH: ANDREW TATE'S NEW BTC POSITION DOWN ALMOST $100,000 IN 3 HOURS. @Cobratate purchased $2,000,000 of $BTC at $67,000. In a few short hours, BTC has dropped to $64,000. Tate is down roughly $90,000, or 4.48%. We will continue to monitor the position."
The situation has deteriorated further as Bitcoin continued its freefall to $63,000, marking its lowest level since November 2024. The selloff has intensified across all crypto assets, with traders scrambling to exit positions as support levels collapse one after another.
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Schiff Declares Crypto Mania Finished
Gold proponent Peter Schiff wasted no time declaring victory over Bitcoin bulls amid the carnage. According to Peter Schiff on X, the decline signals something far more catastrophic than a routine correction:
"The real story about Bitcoin isn't its 50% decline, but that the biggest financial mania in history is likely over. What's most amazing is how the scheme's promoters convinced the mainstream financial media, Wall Street banks, and elected government officials to embrace it."
Schiff's comments arrive as Bitcoin breaks critical support levels that many believed would hold. The cryptocurrency has now erased gains accumulated since the November 2024 presidential election, falling below the $70,000 psychological barrier that technical traders viewed as essential support.
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The economist has consistently argued that BTC lacks intrinsic value and operates primarily as a speculative bubble. With prices hemorrhaging and prominent figures like Tate facing immediate losses, Schiff's narrative gains credibility among traditional finance circles questioning crypto's fundamental premise.
Brutal Cascade Triggers Panic Selling
The crash to $63,000 represents more than just a temporary dip. Bitcoin has now fallen below its 365-day moving average for the first time since March 2022, a technical breakdown that historically precedes extended bear markets. The breach of this key indicator has triggered algorithmic selling and forced liquidations across leveraged positions.
U.S. spot Bitcoin ETFs have flipped from aggressive buyers to net sellers in 2026, with outflows exceeding $817 million in single trading sessions. The institutional exodus marks a dramatic reversal from last year when these same funds absorbed 46,000 BTC through consistent purchases.
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The Crypto Fear & Greed Index has plunged to 15, signaling "Extreme Fear" across the ecosystem. Retail investors who bought near recent highs now sit on unrealized losses exceeding 20%, while Tate's public position serves as a cautionary tale about timing entries during volatile periods.
Gold Surges as Bitcoin Narrative Collapses
While Bitcoin implodes, precious metals continue their relentless ascent. Gold has surged 68% over the past year, nearing the $5,000 per ounce level, while BTC has dropped nearly 30% in the same timeframe. The divergence destroys the narrative that positioned Bitcoin as "digital gold" or an inflation hedge.
Silver has also rallied significantly, further undermining claims that cryptocurrency represents a superior store of value compared to traditional precious metals. Investors seeking safe-haven assets have clearly chosen physical commodities over digital alternatives during periods of macroeconomic uncertainty.
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The comparison proves particularly damaging for Bitcoin's institutional adoption thesis. Corporate treasurers who allocated capital to BTC based on store-of-value arguments now face board scrutiny as traditional assets outperform while crypto positions hemorrhage value.
Broader Crypto Ecosystem Crumbles
Bitcoin's collapse has dragged down the entire cryptocurrency market. Ethereum has plunged 23% this week alone, tracking toward its worst weekly performance since November 2022. Solana crashed to $88, a two-year low, shedding 24% in seven days. The synchronized selloff suggests systemic issues rather than isolated weakness.
Trading volumes have spiked as panic selling accelerates, but buying interest remains conspicuously absent. The lack of dip buyers at $63,000 raises questions about where genuine support exists. Some technical observers suggest the $60,000 to $65,000 range represents the next battleground, though sentiment has deteriorated so severely that further downside appears increasingly probable.
For Tate, the $90,000 loss on his $2 million position represents just the beginning if Bitcoin continues spiraling lower. His public embrace of crypto at precisely the wrong moment has become a cautionary tale about following influencer investment advice. As Schiff notes, the mainstream media and government officials who championed Bitcoin now face awkward questions about their endorsement of an asset class experiencing catastrophic declines.
3 Key Takeaways:
Andrew Tate's $2M Bitcoin buy at $67K lost $90,000 as BTC crashed to $63K, its lowest since November 2024.Peter Schiff declares Bitcoin's "biggest financial mania in history" over after 50% decline from peak prices.Gold surges 68% while Bitcoin drops 30% yearly, destroying digital gold narrative as ETFs turn net sellers.
#Bitcoin #AndrewTate #BitcoinCrash #PeterSchiff #CryptoSelloff

This Article First Appeared on:https://www.cryptonewslive.org/article/andrew-tates-2m-bitcoin-gamble-crashes-90k-as-btc-plunges-to-63k-and-schiff-calls-game-over