The post Bitcoin Hits $71,000: Schiff Warns of ‘Head Fake’ as Tether CEO Sees Green appeared on BitcoinEthereumNews.com.

Bitcoin, the first and largest cryptocurrency by market capitalization rose above $71,000 on Wednesday, gaining more than 9% in 24 hours and leading broad advances in major cryptocurrencies. Crypto markets rebounded on Wednesday, recovering from a prior sell-off and shaking off earlier pain in other asset classes. You Might Also Like XRP Breaks Out: $1.92 Emerges as Technical Target, Bitcoin Recovers to $71,000 Fueled by Quarter Billion in Short Liquidations, Cardano Sees Massive 230 Million ADA Whale Redistribution: Morning Crypto Report Ripple CEO Says Clarity Act Is About Protecting Interests of Americans Bitcoin rallied nearly 9% to reach $71,928, its highest value in nearly a month. It gave up some of its gains, trading up 5.62% daily to $71,343 at press time. The leading cryptocurrency had weathered a rocky few days since Saturday, at one point dropping as low as $63,019 that day. Since then, investors have largely rallied around digital assets, with spot Bitcoin exchange-traded funds in the U.S. attracting more than $680 million in inflows on Monday and Tuesday, Bloomberg reported. Bitcoin woke up today and chose green. — Paolo Ardoino 🤖 (@paoloardoino) March 4, 2026 Bitcoin’s rise past $71,000 has attracted reactions within and outside the crypto industry. Tether CEO Paolo Ardoino commented on the Bitcoin price jump: “Bitcoin woke up today and chose green.” Peter Schiff questions BTC’s rise In his usual characteristic manner, longtime cryptocurrency critic Peter Schiff questions Bitcoin’s rise, calling it a “head fake.” “Bitcoin is trading above $71,000. This is a head fake. Don’t look a gift horse in the mouth. Sell your Bitcoin now and buy gold or silver. You can thank me later,” Schiff wrote. Schiff, a gold bug, has often poured cold water on Bitcoin advances, and at one time claimed Bitcoin could collapse and go down to $20,000,…

---

Filed under: News - @ March 4, 2026 9:22 pm