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Bitcoin Critic Peter Schiff Believes Mass Selling of Crypto May Begin Now, Here's Why

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Fri, 05/06/2022 - 09:05
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Yuri Molchan
Gold bug Peter Schiff expects massive crypto sell-off now that Bitcoin has dropped below $37,000
Bitcoin Critic Peter Schiff Believes Mass Selling of Crypto May Begin Now, Here's Why
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Chairman of SchiffGold, economist and investor Peter Schiff, has taken to Twitter to comment on the current decline of the cryptocurrency market, predicting the mass selling of crypto and pointing to the collapse of stocks related to blockchain.

In the meantime, Bitcoin has fallen below the $37,000 zone.

"Bitcoin and blockchain-related stocks getting decimated"

Schiff believes that now that Bitcoin and the crypto market in general are plummeting, along with the stocks of companies working in the blockchain sphere, the whole crypto industry will be exposed as a "malinvestment."

Many redundancies in these firms will force retail crypto investors to sell their holdings in order to pay for bills that are rising.

He has also commented on the overall excessive amount of new coins on the market, totaling 19,316. With the demand for various cryptocurrencies, he says, the overall decline in the capitalization of the crypto market in the past half-year has comprised 42%.

He believes that, eventually, the supply of cryptocurrencies will exceed the overall market cap.

Related
Bitcoin Getting Obliterated as Dollar Index Surges to Highest Level in Decades

Schiff expects BTC to fall below $30,000

In early January, Schiff expressed the view that the global leading cryptocurrency is likely to collapse below the $30,000 support.

Back then, Bitcoin was trading at the $35,000 level.

Now, that BTC has been hit by the recent interest rate hike by the Federal Reserve by half a basis point (the highest rise in 22 years), the price has fallen to the $36,362 zone.

The fall of Bitcoin is causing the rest of the crypto market's prices to go down as well.

As covered by U.Today on May 5, founder and managing partner of Fairlead Strategies, Katie Stockton, said during her interview with CNBC that the Bitcoin chart is broken, and she expects the leading crypto to find the next support level at roughly $27,200.

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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.