Peter Schiff Warns of 'Crypto Black Monday' If Bitcoin (BTC) Falls Below $53K This Week
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- 2024-08-05 09:47:36870browse
Cryptocurrencies have been on volatile ride this year, and on Sunday, noted economist Peter Schiff warned that more selling could happen in the space in the unfolding week.
Economist Peter Schiff Warns Of ‘Crypto Black Monday’ As Bitcoin ETF Buyers Face Potential Loss Of 30%
Cryptocurrencies have been on a volatile ride this year, and on Sunday, noted economist Peter Schiff warned that more selling could happen in the space in the unfolding week.
What Happened: Bitcoin (CRYPTO: BTC) fell below the psychological barrier of $58,000 on Sunday, said Schiff in a post on X, formerly Twitter. After dropping to an intraday low of $57,298.95, the apex crypto recovered and traded at $59,344.48, down 1.17%, according to Benzinga Pro data.
If Bitcoin falls below its July low of $53,717.38 (reached on July 5) by Monday, when the stock market opens, the Bitcoin exchange-traded funds will gap down by over 15%, Schiff said. This would mark a 30% decline from their January highs, he said.
“A loss of that magnitude may finally trigger mass ETF liquidations. If so, brace for a #Crypto black Monday,” he said in the post.
Economist Peter Schiff Warns Of ‘Crypto Black Monday’ As Bitcoin ETF Buyers Face Potential Loss Of 30%
Cryptocurrencies have been on a volatile ride this year, and on Sunday, noted economist Peter Schiff warned that more selling could happen in the space in the unfolding week.
What Happened: Bitcoin (CRYPTO: BTC) fell below the psychological barrier of $58,000 on Sunday, said Schiff in a post on X, formerly Twitter. After dropping to an intraday low of $57,298.95, the apex crypto recovered and traded at $59,344.48, down 1.17%, according to Benzinga Pro data.
If Bitcoin falls below its July low of $53,717.38 (reached on July 5) by Monday, when the stock market opens, the Bitcoin exchange-traded funds will gap down by over 15%, Schiff said. This would mark a 30% decline from their January highs, he said.
“A loss of that magnitude may finally trigger mass ETF liquidations. If so, brace for a #Crypto black Monday,” he said in the post.
Schiff said Bitcoin ETF buyers are not “long term HODLers” and that they have also never experienced losses of this size. “HODL” Is a crypto slang term meaning to buy-and-hold indefinitely.
“This will be rude awakening, especially since they were told Bitcoin was a safe haven, store of value,” Schiff added.
See More: Best Cryptocurrency Wallets
Schiff has been a long-standing critic of Bitcoin and cryptocurrencies, often highlighting their volatility and speculating on their potential to crash. He has previously predicted that Bitcoin could fall to as low as $10,000.
However, Schiff’s predictions have not always come to fruition. In March 2021, he said that Bitcoin would crash below $30,000, but the apex coin continued to rally, reaching all-time highs of over $68,000 later that year.
Bitcoin’s recent decline comes amid a broader sell-off in riskier assets, including equities, as investors prepare for the Federal Reserve to begin unwinding its pandemic-era stimulus measures. Rising inflation and concerns over slowing economic growth have also weighed on markets.
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