Bitcoin tumbled to around $61,500 this week — its weakest level in roughly four months — triggering more than $1 billion in leveraged liquidations across exchanges. The sharp hourly decline of over $2,000 briefly pushed the token to $61,460 before it inched back. The selloff came as gold advocate Peter Schiff issued a stark warning: Bitcoin could fall below $20,000, an 80% drop from its October 2025 peak near $126,200.
A swift liquidation cascade
The sudden drop hit futures markets hard. Within an hour, more than $1 billion in leveraged positions were wiped out, according to data. The sell-off accelerated after Bitcoin broke below support levels that had held since early February. The move also dragged down the broader crypto market, with Ethereum falling alongside.
Schiff's bold call on USDT
Peter Schiff, a long-time Bitcoin skeptic, used the slide to renew his criticism. He pointed to weakness in tech stocks as a pressure point for Bitcoin, predicting a crash if equities sell off further. Schiff also made a bet on Tether's USDT, arguing its market cap will soon surpass Ethereum's — and eventually Bitcoin's. USDT's market cap now stands at nearly $188 billion, closing the gap with Ethereum to under $26 billion.
The math behind the prediction
For USDT to pass Ethereum, its market cap would need to grow by about 15% from current levels. To match Bitcoin's $1.28 trillion market cap, USDT would need to expand nearly seven times — an outcome that even Schiff's more loyal followers might find ambitious. The prediction underscores the ongoing shift in stablecoin dominance, but the numbers suggest a long road ahead.
The immediate question is whether Bitcoin can hold the $60,000 level or if the selling pressure resumes. With tech stocks under watch and leveraged positions still elevated, the next few trading sessions will be telling.
