Vladislav Sopov
Adamant Bitcoin (BTC) Skeptic Drops Ironic Comment on Bitcoin (BTC) Double-Digit Price Drop
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As Bitcoin (BTC) price wiped out all 2024 gains just hours after ETF trading began in the US, critics of the first cryptocurrency are predicting tough times for BTC bulls. Peter Schiff admits that some of the early buyers of Bitcoin ETFs may regret their decisions.
Peter Schiff Mocks Bitcoin (BTC) Investors: “Long Weekend for Bulls”
If the Bitcoin (BTC) price continues to fall on Monday, Bitcoin ETF investors will not hold their assets, “Goldbug” Peter Schiff said on his X account today, January 13, 2023. Therefore, the weekend (when ETF trading is not available) will be long for Bitcoin (BTC) bulls.
Schiff noted that Bitcoin (BTC) fell from $49,000 to below $42,000 in less than a day. Thus, the first cryptocurrency gave its holders a double-digit decline immediately after the highly anticipated BTC milestone in 2024.
Bitcoin (BTC) fell as the dust settled following the overhyped launch of 11 Bitcoin ETFs in the US. Additionally, as previously reported by U.Today, the exodus of liquidity from Grayscale's OTC trusts may have contributed to the decline.
SkyBridge Capital founder Anthony Scaramucci called the selloff in GBTC shares a powerful trigger for Bitcoin (BTC)'s painful price drop to two-week lows.
At press time, Bitcoin (BTC) price managed to recover from losses, with BTC changing hands above $42,500 on major spot exchanges.
More Concerns Raised About Bitcoin ETF
While the paramount importance of BTC ETF approval for the entire blockchain industry is undisputed, some of its implications for Bitcoin (BTC) as an asset and technology in the medium term could be alarming.
While some experts see the ongoing process as a run-of-the-mill “sell the news” event, BitMEX founder Arthur Hayes warned that BTC could become a run-of-the-mill TradFi asset.
Ironically, Hayes' words are echoed by SEC Chairman Gary Gensler, who believes that the Bitcoin ETF is at odds with Satoshi Nakamoto's vision for his idea.
About the author
Vladislav Sopov
Blockchain analyst and author with a scientific background. 6+ years in IT analytics, 3+ years in blockchain.
Participation in independent analysis and start-ups (Swap.online, Monoreto, Attic Lab etc.)
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
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