As a seasoned crypto investor with a few scars on my portfolio from past market corrections, I can’t help but feel a pang of familiar unease as I read about Bitcoin’s latest price drop. The recent decline, resulting in over $662 million in liquidations, is nothing new to the crypto world. Yet, it’s disheartening to see the value dip below $54,000, a significant drop from its all-time high of $74,000.
As a researcher studying the cryptocurrency market, I can tell you that Bitcoin (BTC) initiated Friday with another wave of decreases. At the start of trading, its price stood at $54,300. Consequently, over $662.62 million worth of positions were liquidated in the preceding 24 hours.
Michael Saylor, the CEO of MicroStrategy and a prominent Bitcoin supporter, reacted on social media during this decline by reiterating his commitment, emphasizing that Bitcoin symbolizes independence – perfectly aligned with the U.S. Independence Day celebration on July 4th.
Peter Schiff, a renowned financial expert and vocal Bitcoin critic, quipped sarcastically that investing in Bitcoin could certainly make individuals self-reliant when it comes to their funds. However, he added a caveat.
Yes, Bitcoin will make you independent from your money.
— Peter Schiff (@PeterSchiff) July 5, 2024
Schiff further expounded on his perspective, drawing attention to the recent low of $53,550 for one Bitcoin, a significant decrease from its previous peak of $74,000. He underscored that this translates into a 27.5% price drop in U.S. dollars and a more pronounced 38.5% decline when compared to the value of gold.
“Don’t say I didn’t warn you HODLers”
He cautioned that the ongoing bear market for Bitcoin isn’t close to ending and expressed his continued doubt. He hypothesized that more than 70% of Bitcoin ETF investors could face losses given its current price of $54,000.
Should Bitcoin’s price dip beneath $38,000, Schiff forewarned that purchasers of the ETF would incur losses, potentially igniting a wave of selling among investors seeking to minimize their damages.
From a researcher’s perspective, as I observe Bitcoin’s bear market, an intriguing query arises: Will this downturn be temporary, leading Bitcoin back to its growth trajectory, or will it pave the way for more drops, as skeptics like Schiff forecast?
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2024-07-05 13:19