As a seasoned crypto investor with years of experience riding the volatile waves of this digital market, I can’t help but feel a sense of familiar deja vu reading Peter Schiff’s latest cryptic critique. While it’s true that Bitcoin has shown some signs of slowing down after its impressive start to the year, I’ve learned time and again not to put too much stock in the short-term fluctuations. After all, even a clock that’s perpetually stuck at 10:30 is right twice a day!
Peter Schiff, one of the most notorious Bitcoin critics, recently took to the X social media network to highlight the underwhelming performance of the leading cryptocurrency.
Schiff highlighted that nearly all of Bitcoin’s growth for the year took place within the initial two months.
Over the past few weeks from late February, the primary cryptocurrency has taken a dip, falling by over 8%. Conversely, during that same span, the value of gold has soared, potentially increasing by approximately 23%.
“The momentum has turned,” Schiff added.
Although Bitcoin quickly bounced back from the severe accident in early August, it nevertheless suffered a loss of 8.74% for the entire month, dealing a significant setback to the optimistic investors, or “bulls.”
It’s important to mention that historically, Bitcoin often experiences less success in the month of September compared to other months. Few instances exist where it ends the month with gains.
In 2019, Bitcoin collapsed by as much as 13.91% in September. In 2014, it plunged by 19.31%.
This time around, there’s a good chance this month will differ, as experts predict that the U.S. Federal Reserve will lower interest rates for the first time.
Bitcoin ETFs see more outflows
Investment products based on Bitcoin trading, known as Bitcoin ETFs, rekindled interest in Bitcoin, ultimately driving up the value of this dominant cryptocurrency, reaching its highest point recorded in March.
Recently, the Bitcoin ETF has experienced a setback, with disappointing figures. In the past week alone, these financial products recorded a total withdrawal of approximately $277 million.
BlackRock’s record-shattering IBIT also saw its second day of outflows in history last week.
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2024-09-01 22:06