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Peter Schiff: Bitcoin Fad Is Over

source-logo  u.today 19 April 2024 07:36, UTC

Gold bug Peter Schiff has taken to the X social media network to proclaim that the "Bitcoin fad" is now over after the top cryptocurrency by market capitalization recorded yet another drop below the make-it-or-break-it $60,000 level.

He has added that "Bitcoin pumpers" are not out of excuses after the top cryptocurrency by market capitalization suddenly plunged another 6%. "All week Bitcoin pumpers made excuses for Bitcoin's selloff on Sat. They claimed that since all other markets were closed, Bitcoin was the only asset anyone could sell. Well, all the markets are trading now and Bitcoin is getting killed again. Bitcoin pumpers are out of excuses," he said.

The financial commentator has also pointed to the impressive performance of gold, which is currently trading at a new record high. He has reiterated that silver should be treated as gold 2.0 instead of Bitcoin due to the fact that it is vastly outperforming the largest digital currency during turbulent times.

Earlier today, the price of the flagship cryptocurrency dropped to $59,600 on the Bitstamp exchange due to growing tension in the Middle East. However, it has since managed to reclaim the $62,000 level, which is why Schiff's jubilant posts might have been somehow premature.

With that being said, crypto market sentiment remains undeniably bearish with just one day left until the much-anticipated halving event that is predicted to cause some short-term turbulence in the mining sector.

Apart from geopolitical tensions fueling the increasingly bearish sentiment, Bitcoin exchange-traded funds have also recorded the fifth consecutive day of outflows. Spot ETFs saw a total of $4.38 million in net outflows on Friday. However, it is worth noting that Fidelity's FBTC managed to outperform BlackRock's IBIT ($37.4 million and $18.8 million worth of inflows, respectively). At the same time, Grayscale's GBTC was down by roughly $90 million on Apr. 18.