Peter Schiff, known as a gold advocate, has declared on X social media that the Bitcoin craze has ended following its dip below the significant threshold of $60,000 for the third time.
The speaker has commented that those who promote Bitcoin, also known as “Bitcoin pumpers,” no longer have valid explanations following the unexpected 6% drop in Bitcoin’s value, which is the largest cryptocurrency by market capitalization. All through the week, Bitcoin pumpers had offered reasons for Bitcoin’s price decrease on Saturday, stating that since other markets were closed, Bitcoin was the only option for sellers. However, now that all markets are open for trading, Bitcoin is once again experiencing a significant decline, leaving Bitcoin pumpers without any justifiable explanations.
A financial analyst has noted gold’s remarkable achievement of hitting a new record price in the markets. He emphasized that investors might consider silver as a superior alternative to Bitcoin, given its outstanding performance during market instability.
Today, the price of the leading cryptocurrency on Bitstamp plummeted to $59,600 earlier due to escalating tensions in the Middle East. Yet, it has subsequently regained the $62,000 mark, implying that Schiff’s celebratory posts could have been issued a bit too soon.
The cryptocurrency market outlook continues to reflect pessimism, as we approach the final countdown to the highly anticipated halving event, which could potentially trigger temporary instability within the mining industry.
Instead of “Apart from geopolitical tensions contributing to the growing pessimistic attitude, Bitcoin exchange-traded funds have experienced five consecutive days of withdrawals. On Friday alone, these ETFs had net outflows totaling $4.38 million. However, it is important to mention that Fidelity’s FBTC surpassed BlackRock’s IBIT with inflows of $37.4 million and $18.8 million respectively. Meanwhile, Grayscale’s GBTC saw a decrease of approximately $90 million on Apr. 18.”
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2024-04-19 10:17