Economist and gold advocate Peter Schiff has highlighted bitcoin’s recent decline, declaring the cryptocurrency “back in official bear market territory.” He predicts further bitcoin price decline before Mt. Gox creditors begin receiving their crypto payouts next month. Bitcoin Back in ‘Official Bear Market Territory’ Economist and gold bug Peter Schiff, known for his skepticism towards […]
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Nobel Laureate Paul Krugman Claims ‘Inflation Bump Is Over’ — Peter Schiff Says Krugman’s View ‘Should Be Dismissed’
Nobel Prize-winning economist Paul Krugman and gold advocate Peter Schiff are in disagreement over inflation. Krugman believes that “the inflation bump is over.” However, Schiff argues that Krugman didn’t even foresee the inflation bump, emphasizing that the Nobel laureate’s view on inflation should be disregarded. Schiff explained that “all indicators point to a reacceleration of […]
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Economist Peter Schiff Advises Against Buying US Dollars — Warns of USD Breakdown
Economist Peter Schiff cautions against buying U.S. dollars or selling gold, citing rising Treasury yields as a result of the government’s failure to control the national debt and inflation. He notes the widening trade deficits, suggesting an unproductive economy will further weaken the dollar and increase prices. Schiff Warns Against Buying US Dollars Economist and […]
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Peter Schiff Anticipates Outflows From Bitcoin ETFs to Ethereum ETFs Following SEC Approval
Economist and gold bug Peter Schiff has cautioned that the approval of spot ethereum exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) could negatively impact spot bitcoin ETFs and bitcoin. Speculation is high that the SEC will approve spot ether ETFs this week, as the securities watchdog faces two impending deadlines. Peter […]
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Veteran Trader Peter Brandt Says Peter Schiff Criticizes Bitcoin to Attract Attention, Increase Following
Veteran trader Peter Brandt has accused economist and gold advocate Peter Schiff of leveraging his criticisms of bitcoin to garner attention and increase his social media following. However, Schiff countered, asserting that he is simply offering his candid perspective on the investment risks associated with bitcoin. Peter Schiff’s Bets on Dead Horses Veteran trader Peter […]
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Peter Schiff: Gold, Silver ‘Ready to Explode Higher’ — Sees ‘Biggest Precious Metals Bull Market in History’
Gold advocate and economist Peter Schiff has predicted an explosive rise in gold and silver prices. While encouraging investors to “Take advantage of what could be the biggest precious metals bull market in history,” Schiff calls bitcoin “dead money,” expecting outflows from spot bitcoin exchange-traded funds (ETFs) to “soon put significant downward pressure on bitcoin.” […]
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Bitcoin Hits ‘Danger Zone’: Peter Schiff Warns Of ‘Do or Die’ Scenario
Bitcoin is facing a critical juncture as it has entered a ‘danger zone,’ according to prominent gold advocate Peter Schiff. This investor, known for his skepticism toward Bitcoin, suggests that the cryptocurrency is entering a “do or die” phase, potentially marking the end of its bullish run if current trends continue.
Breaking Points And Bearish Signals
Peter Schiff has often voiced his bearish outlook on Bitcoin, and his latest comments come as Bitcoin has just slipped below the crucial ,000 mark.
This level had previously served as strong support during the short-term bull run, and its breach has intensified the bearish sentiment among investors. Schiff warns that staying below this threshold could spell doom for the bullish fervor, potentially derailing Bitcoin’s momentum.
At the time of writing, Bitcoin is trading at approximately ,054, teetering close to its 100-day Exponential Moving Average (EMA). Schiff points out that remaining below this EMA could confirm a bearish trend, signaling an end to the rally.
Amidst these developments, the market has seen an increase in trading volume, coupled with the price drop, indicating strong selling pressure.
Over the last 24 hours, Bitcoin’s trading volume has dropped from billion to billion, coinciding with a 6.3% price dip during the same period. This heightened activity is a traditional bearish indicator, lending weight to Schiff’s prediction of a downturn.
Moreover, investor sentiment is treading thin ice with significant outflows from Bitcoin spot ETFs, hitting a weekly high of 2 million. This departure of funds is particularly poignant as it unfolds just before the FOMC meeting, where potential interest rate hikes are on the agenda.
These outflows reflect a broader market trend, with the Grayscale Bitcoin Trust (GBTC) experiencing a substantial daily outflow of .23 million.
According to SoSoValue, total net outflows from Bitcoin spot ETFs yesterday, April 30, were as high as 2 million. GrayscaleETF GBTC had a single-day net outflow of US.2277 million, and the current historical net outflow of GBTC is US.303 billion. The total net asset… pic.twitter.com/jSCtfVrW8l
— Wu Blockchain (@WuBlockchain) May 1, 2024
The Bitcoin ETF Conundrum And Market Forecasts
It is worth noting that last month was quite challenging for US Bitcoin ETFs. After a promising start with positive inflows in the initial months following their launch, April witnessed collective outflows amounting to 2 million across all active spot Bitcoin ETFs in the US.
This pullback is attributed to macroeconomic concerns and geopolitical tensions, which have clouded the investment landscape.
As the market braces for further turbulence, analysts such as Micheal Van de Poppe are forecasting an additional correction, potentially pushing Bitcoin’s price down to ,000 before any sign of recovery.
Monthly close approaching for #Bitcoin and FOMC day tomorrow.
I think we’ll see that sweep beneath K and potentially cascade towards -58K from which we’re finding the low and rotate back upwards.
From there: Ethereum ETF hype in May to pick up momentum. pic.twitter.com/Iki4De9mSF
— Michaël van de Poppe (@CryptoMichNL) April 30, 2024
Featured image from Unsplash, Chart from TradingView
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