Bitcoin crashed, Peter Schiff did not miss the opportunity to attack

Bitcoin crashed, Peter Schiff did not miss the opportunity to attack

Bitcoin (BTC) carried the weakness seen since the end of August into September and started Wednesday, September 7, below $19,000.

The largest cryptocurrency is trading at around $18,700 as of the time of publication, according to Tradingview data. BTC’s bad price action also moved those who did not like it.

Famous gold investor Peter Schiff, known for his anti-Bitcoin, drew attention to the weak price performance and falling market dominance of the largest crypto currency in his posts on the evening of September 6, when BTC started to realize its last falling leg.

“Bitcoin isn’t just crashing, its market dominance has dropped to 38.1 percent,” said Schiff, suggesting that the number of competitors in the market it lost dominance was high, but that they were “equally worthless.”

“Competing with almost 21,000 more digital tokens with no intrinsic value, NFTs and crypto-related stocks are also taking a hit. Even if Bitcoin is rare, its alternatives are not.”

In another post he shared a short time ago, Schiff said that $20,000 is not the real bottom level, and called on Bitcoin investors to “leave ship before it’s too late”:

“The markets give very little opportunity to buy from the bottom. Bitcoin has been hovering near $20,000 for 12 days. The $20,000 will likely turn out to be not the real bottom, giving the seafarers plenty of time to climb the sinking ship.”

“Better to abandon ship before sinking,” the anti-Bitcoin added.

The reaction of the crypto community to the posts was again cynical. Twitter user @objectObject_ wrote, “First the hash ribbons, now yours. Two strong indicators of BTC bottoming out,” I mean@Corby2209 commented, “There had been a lot of bearish expectations in the last months, but that gave me a strong bullish prospect.” found.

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