As a seasoned crypto investor with a knack for navigating market turbulence, I can’t help but feel a sense of déjà vu when observing Bitcoin’s current predicament. The market seems to be swaying like a surfboard under Michael Saylor, and while the sight is amusing, it doesn’t exactly instill confidence in the crypto community.
Since Michael Saylor, the ex-CEO of MicroStrategy, shared an unusual photo of himself on a Bitcoin surfboard while wearing a business suit, the value of Bitcoin (BTC), the top cryptocurrency by market cap, has dropped by over 10%.
The price of the largest cryptocurrency recently collapsed all the way to $53,661.
This afternoon, I observed a noteworthy trend in the leading cryptocurrency market. The price momentarily neared the $57,000 mark, an uptick likely influenced by a reassuring US jobs report that eased recession fears. However, this surge proved fleeting as Bitcoin swiftly reversed its temporary gains and plummeted significantly, mirroring a similar downturn in the performance of US stocks.
Despite holding approximately $12.1 billion in Bitcoin, Saylor has remained silent regarding the recent catastrophic decline in Bitcoin’s value.
Keep in mind that historically, September has been a challenging month for Bitcoin’s performance. As of now, Bitcoin has dropped by about 8% in September this year. For reference, in the year 2019, its decline was almost 14%.
Schiff’s prescient call
On Thursday, financial analyst Peter Schiff playfully criticized Michael Saylor’s unusual AI-created image, suggesting that the Bitcoin surge had already peaked.
Schiff urged Saylor to “catch the Bitcoin wave,” which was in the process of “swelling.”
Previously, this well-known financial analyst criticized Bitcoin ETF investors for backing a losing investment choice. Specifically, he noted that while these investments had seen significant increases in funds, they were still only up by around 17%, whereas gold ETFs have surpassed this with more than a 24% increase.
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2024-09-06 21:57