Peter Schiff, a well-known critic of cryptocurrencies, has once again expressed doubts about Bitcoin’s future. This time, his focus is on Bitcoin ETFs, where he’s predicting a potential large-scale sell-off that could destabilize the market further. Peter Schiff’s warnings come at a crucial time for Bitcoin, as the cryptocurrency has been experiencing significant price fluctuations.

These recent developments have caught the attention of both cryptocurrency supporters and skeptics, reigniting debates about the long-term viability of digital currencies as investment assets.

Peter Schiff’s Bitcoin Skepticism and Market Analysis

Schiff’s latest warning centers on a possible mass exodus from Bitcoin ETFs. With Bitcoin trading around $54,000, he estimates that over 70% of Bitcoin ETF investors are currently at a loss. Schiff predicts that if the price falls below $38,000, all Bitcoin ETF buyers will be in negative territory, potentially triggering widespread selling as speculators exit their positions.

This isn’t Schiff’s first pessimistic forecast. Earlier, when Bitcoin’s price dropped to $53,550, he pointed out a 27.5% decrease from its all-time high in U.S. dollars and a 38.5% decline when priced in gold. Schiff maintains that Bitcoin’s bear market is far from over and cautions long-term holders about the possibility of further price drops.

These predictions contribute to the ongoing discussion about Bitcoin’s stability and its role as an investment asset, especially in light of recent market volatility.

Also Read: Altcoin Market Crash: Ethereum Suffers Most Liquidations In Panic Selling

Current Market Conditions and Price Analysis

At the time of reporting, Bitcoin’s price had decreased by 7.27%, trading at $54,482.91 with a 24-hour trading volume of $40.5 billion. The 24-hour price range saw a low of $53,971.30 and a high of $57,453.84. This downward trend coincides with Mt. Gox’s significant Bitcoin transfer of $2.7 billion to an unknown wallet, which has raised concerns in the crypto community.

Adding to investor worries, U.S. spot Bitcoin ETFs reported outflows of $20.45 million. Despite the overall market downturn, Bitcoin’s dominance increased by 0.80% compared to the previous day, suggesting even steeper price declines in the altcoin market. At present time the open interest of bitcoin has plummeted by 11.19% and now holds a valuation of $16 Billion. Bitcoin’s current market capitalization stands at $1.07 trillion.

Also Read: BTC Price Slips Under $56,000 As Mt. Gox Wallet Transfers $2.7B In Bitcoins

The post Peter Schiff Warns Of Mass Bitcoin ETF Sell-Off Looming At $38K appeared first on CoinGape.

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Filed under: News - @ July 5, 2024 7:26 am