Cryptocurrency critic Peter Schiff believes that Bitcoin, the leading cryptocurrency by market cap, has been in a bear market for years.
Schiff has noted that the leading cryptocurrency is down 34% against gold after hitting its current high in November 2021.
On Saturday, the Bitcoin price plunged to an intraday low of $59,839, reaching its lowest price point since July 14.
Meanwhile, gold recently reached a fresh record high, surpassing $2,500 per ounce.
Earlier this week, Schiff also predicted that creditors could pressure business intelligence firm MicroStrategy, which is known as the largest corporate holder of Bitcoin, to sell its holdings.
Traders become fearful yet again
Meanwhile, Bitcoin's "Fear and Greed" indicator, which is helpful for gauging market sentiment, shows that traders have become fearful yet again. The indicator currently shows 34 points out of 100 after the most recent update.
Tomiwabold OlajideAs reported by U.Today, the leading cryptocurrency witnessed an extremely impressive sentiment jump last month. It went from fear to greed in less than a week due to a stunning price recovery.
However, this time around, Bitcoin went from the highest bullish sentiment in 16 months to fear in a similarly short span of time.
The cryptocurrency has been taking a beating over the past few days due to speculation that the U.S. might be on the verge of another recession following the release of the most recent economic data.
The U.S. Federal Reserve seemed to be poised to pull off a soft landing. However, recent economic data suggests that the central bank might fail to accomplish this task.
Godfrey Benjamin
Gamza Khanzadaev