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Bitcoin Whales Are Selling BTC Before Market Crash: Peter Schiff

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  • Alex Dovbnya
    📰 News

    Peter Schiff ruthlessly shatters the dreams of Bitcoin holders who hope that the top coin will reach new highs, reiterating his point about market manipulations

Bitcoin Whales Are Selling BTC Before Market Crash: Peter Schiff
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Peter Schiff, the CEO of Euro Pacific Capital, is not amused by Bitcoin's latest 40 percent price revival

The world-famous gold proponent continues to insist that the crypto market is being manipulated by deep-pocketed whales. 

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In his latest tweet, Schiff states that large Bitcoin holders want to protect themselves from the upcoming market crash by selling their BTC and using delusional holders to cash in.   

After numerous pundits tried to wrap their heads around the recent market rally, Schiff took to Twitter to share his own take on Oct. 28. He believes that this Bitcoin turnaround had nothing to do with China and everything to do with whales "suckering in" gullible buyers.

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Schiff rose to stardom by accurately foreseeing the financial market crisis in 2008, but Bitcoin price predictions might not be his thing. 

As reported by U.Today, he claimed that the BTC price could plunge to as low as $2,000 on Oct. 20, less than a week before Bitcoin recorded its third biggest daily gain in history

His $4,000 prediction, which was made right after Bitcoin's precipitous plunge to the $8,000 level, also never came to fruition.   

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Massacre: $180 Mln Worth of BTC Longs Liquidated on BitMEX

ByBit
  • Alex Dovbnya
    📰 News

    A massive amount of long positions gets liquidated on the BitMEX exchange after the Bitcoin price tanked all the way down to $7,350

Bitcoin Massacre: $180 Mln Worth of BTC Longs Liquidated on BitMEX
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

$179.3 mln worth of longs has been liquidated on BitMEX, the leading derivatives exchange, after the Bitcoin price shockingly dropped to $7,350 (compared to spot exchanges where BTC didn't go below $7,500). Considering that the average leverage is 25x, Bitcoin bulls collectively netted a loss of around $6.4 mln.         

One of the top traders on BitMEX, who felt "long and strong" at the $8,000 level, most probably regrets his recent tweet.     

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This string of bloody-red candles opens a possibility for a further drop to below $7,000, which has been the pipe dream of Bitcoin bears ever since the BTC price blasted past this level back in May.   

At the time of writing, the top coin by market capitalization is sitting at $7,581 with no sings of buying pressure, CoinStats data shows.  

Trader "The Wolf of Wall Street" says that the retail interest in Bitcoin has been slowing down in November (based on the number of addresses with balances less than 0.1 BTC). Hence, it is unlikely that the average Joe will start FOMOing in anytime soon.      

Dutch analyst "Plan B" didn't cave in to bearish sentiment. He says that the positive difficulty adjustment prevented the much-feared miner capitulation, and the BTC price could increase from that point. 

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As reported by U.Today, the Bitcoin price could still nose-dive by 40 percent based on the BitMEX funding rate

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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