Peter Schiff Expects Spot Bitcoin ETFs To Hit New Lows In Broader Market Decline
The post Peter Schiff Expects Spot Bitcoin ETFs To Hit New Lows In Broader Market Decline appeared on BitcoinEthereumNews.com.
As Bitcoin continues to experience notable price drop, popular economist and gold advocate, Peter Schiff, has expressed his insights on the recent downtrend, issuing a warning regarding its impact on the Spot Bitcoin Exchange-Traded Funds (ETFs), while predicting the products could reach new lows in the upcoming days. This negative perspective coincides with a pivotal moment in the cryptocurrency market’s history, as it maneuvers financial market volatility and economic unpredictability. Spot Bitcoin ETF Investors Displays Resilience Amid Market Instability Following the recent dip witnessed around BTC and the general market, Peter Schiff, a crypto critic has expressed his stark criticism toward the digital asset, as he argues that investments in the BTC spot ETFs might drop along with price. Prior to when the market opened on Monday, Schiff noted that after the Ethereum and Bitcoin exchange-traded funds (ETFs) commence trading, CNBC will be unable to downplay the severity of the current drop. This is because the losses from Saturday will be included in those decreases. In the event that spot ETF investors choose to sell rather than purchase when the trading begins, Schiff believes that liquidation may flood the spot markets. However, hours after the spot market closed, the gold advocate cited strong confidence among investors, noting that the crash yesterday was not big enough to disrupt them. Even though the spot ETF investors were unshaken by Bitcoin’s recent dip, Schiff claims their resolve will be put to the test soon, and capitulation is required for the short-term bottom to form. The post read: Today’s crypto crash wasn’t big enough to shake the confidence of ETF investors. However, their resolve will be tested soon. Capitulation is needed to form a short-term bottom. Given that the magnitude of yesterday’s decline was not able to impact investors’ optimism in the spot BTC…
Filed under: News - @ August 6, 2024 7:12 pm