Peter Schiff, the CEO of Euro Pacific Capital, was very quick to weigh in on Bitcoin's most recent eight percent price drop. In his latest tweet, he states that pump-and-dumpers are now losing their mojo.
Schiff further predicts that the game will be over for Bitcoin if price pumpers no longer manage to "sucker in" momentum buyers. He believes that the crypto market is grossly manipulated by whales.
The famed gold bug also claimed that Bitcoin was a "classic pump-and-dump scheme" when the leading coin completely trimmed its fake China pump.
"Pump and dump" is a fraud when the price of a certain asset is artificially inflated to make buyers purchase it at a higher price.
Bitcoin's bizarre price action
As reported by U.Today, the BTC price surged above the $7,500 level on Dec. 4, but some analysts, including crypto trader Josh Rager, were skeptical about this bullish move.
Their skepticism wasn't unwarranted. The BTC price completely evaporated its eight percent price increase, dropping back to the $7,200 level.
At the time of writing, the top cryptocurrency is slowly getting back on its feet, currently trading at $7,317, CoinStats data shows.
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