Bitcoin Crashes Below $7,000, Peter Schiff Calls BTC Sinking Ship

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Thu, 03/12/2020 - 11:18
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Yuri Molchan
The Bitcoin price has dropped well below the $7,000 mark and major BTC critic Peter Schiff has stepped in to rub some salt on the wound
Bitcoin Crashes Below $7,000, Peter Schiff Calls BTC Sinking Ship
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The Bitcoin price has crashed below the $7,000 mark, trading at $6,285, according to CoinMarketCap figures. Peter Schiff, the famous Bitcoin hater, has compared Bitcoin with a sinking ship in his recent tweet, stating that ‘the air continues to come out of this bubble’.

He went after those Bitcoin proponents who have stated that, despite the price collapse, Bitcoin has still outperformed the major conventional assets this year, saying that such people will always be able to find a point in the past, from which Bitcoin currently sits higher.

Analyst Michael van de Poppe commented on the new Bitcoin price:

“So, I left Amsterdam 40 minutes ago at $7,300. Now parked in between my drive and we bounced from $5,500 to $6,500. Excuse me.”

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Trader Scott Melker tweets:

“7100-5500 in a single 30 minute candle.”

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.