

Cryptocurrencies have navigated a turbulent landscape in 2024, and recent warnings from economist Peter Schiff have added to the anxiety surrounding the market.
Cryptocurrencies have had a bumpy ride in 2024, and recent warnings from economist Peter Schiff are adding to the anxiety around the market.
On Sunday, Schiff flagged investors to Bitcoin’s recent price action, which could lead to further pain in the cryptocurrency space.
Bitcoin’s recent price movements
Bitcoin (CRYPTO: BTC) saw a significant drop on Sunday, falling below the key psychological level of $58,000. The apex cryptocurrency hit an intraday low of $57,298.95 before recovering partially, trading at around $59,344.48, down 1.17% from its previous levels, according to Benzinga Pro data. This decline sparked concerns among investors, especially considering the broader context of the current economic climate and market conditions.
Schiff’s warnings and predictions
Schiff’s commentary suggests that if Bitcoin’s price continues to decline and falls below its July low of $53,717.38, which was recorded on July 5, it could have a drastic impact on Bitcoin exchange-traded funds (ETFs). Schiff predicts that such a move could lead to a gap-down of more than 15% in these ETFs. This scenario would mark a significant 30% drop from their highs in January, highlighting the volatility and potential risks inherent in these investment vehicles.
Schiff’s caution stems from the fact that Bitcoin ETFs, which came into the spotlight after the SEC’s approval and began trading in January, were expected to be a major driver in increasing cryptocurrency adoption. However, Schiff argues that the buyers of these ETFs are often not long-term holders or “HODLers”—a term used in the crypto community to denote investors who buy and hold assets indefinitely. According to Schiff, these ETF investors may not have experienced losses of this magnitude before, making them more prone to panic selling.
Market implications
Bitcoin’s recent price decline and Schiff’s warnings about a potential crisis in the cryptocurrency market highlight the inherent risks and volatility associated with digital assets. The recent fluctuations in Bitcoin’s price, coupled with the potential for substantial declines in Bitcoin ETFs, underscore the need for investors to carefully assess their strategies and risk tolerance. As the market continues to navigate these challenges, maintaining a cautious and informed approach will be essential for managing exposure to cryptocurrency investments.
Conclusion
Cryptocurrency markets have been on a wild ride in 2024, and recent warnings from economist Peter Schiff are adding to the anxiety around the market.
On Sunday, Schiff flagged investors to Bitcoin’s recent price action, which could lead to further pain in the cryptocurrency space.
Bitcoin’s recent price movements
Bitcoin (CRYPTO: BTC) saw a significant drop on Sunday, falling below the key psychological level of $58,000. The apex cryptocurrency hit an intraday low of $57,298.95 before recovering partially, trading at around $59,344.48, down 1.17% from its previous levels, according to Benzinga Pro data. This decline sparked concerns among investors, especially considering the broader context of the current economic climate and market conditions.
Schiff’s warnings and market implications
Schiff’s commentary suggests that if Bitcoin’s price continues to decline and falls below its July low of $53,717.38, which was recorded on July 5, it could have a drastic impact on Bitcoin exchange-traded funds (ETFs). Schiff predicts that such a move could lead to a gap-down of more than 15% in these ETFs. This scenario would mark a significant 30% drop from their highs in January, highlighting the volatility and potential risks inherent in these investment vehicles.
Schiff’s caution stems from the fact that Bitcoin ETFs, which came into the spotlight after the SEC’s approval and began trading in January, were expected to be a major driver in increasing cryptocurrency adoption. However, Schiff argues that the buyers of these ETFs are often not long-term holders or “HODLers”—a term used in the crypto community to denote investors who buy and hold assets indefinitely. According to Schiff, these ETF investors may not have experienced losses of this magnitude before, making them more susceptible to panic selling.
最近の市場データは、2024 年のビットコインのボラティリティが比較的低く、過去 5 年間の平均標準偏差が 2.5% であったのに対し、今年これまでの日次リターンの標準偏差は約 1.7% であることも示しています。同時に、ビットコインとS&P 500の30日間の相関関係は上昇しており、金曜日の時点で0.73に達しており、2021年5月以来の最高水準となっています。この相関関係の上昇は、ビットコインのパフォーマンスがより広範な指数と密接に関連していることを示唆しています
The above is the detailed content of Bitcoin (BTC) Price Drop Below $58K Raises Concerns, Peter Schiff Warns of Potential Crisis in Cryptocurrency Market. For more information, please follow other related articles on the PHP Chinese website!

The SEC has given its approval to BlackRock's 19-b4 application allowing the trading of options in its iShares Bitcoin Trust (IBIT).

The long-awaited path to Bitcoin ETFs Options on traditional exchanges has hit yet another roadblock. Nasdaq and the New York Stock Exchange (NYSE) have unexpectedly pulled their applications to list and trade options based on two prominent Bitcoin i

The State of Wisconsin Investment Board (SWIB) added 447,651 shares of BlackRock's iShares Bitcoin Trust (IBIT) to its investment portfolio

MicroStrategy, a major Bitcoin [BTC] player, achieved $22 million in volume on the first day of the ETF, possibly setting a record for leveraged ETFs.

Cryptocurrencies have navigated a turbulent landscape in 2024, and recent warnings from economist Peter Schiff have added to the anxiety surrounding the market.

The bitcoin price has climbed to over $62,000 per bitcoin, with traders now turning to a China "shock and awe" earthquake

Cryptocurrency company Coinbase Global COIN could show how the approval of Bitcoin BTC/USD and Ethereum ETH ETFs in 2024 has impacted demand for the top two cryptocurrencies when it reports second-quarter financial results on Thursday after market cl

A former chief of the Office of Internet Enforcement at the U.S. Securities and Exchange Commission (SEC) says Morgan Stanley will attract government

Hot AI Tools

Undresser.AI Undress
AI-powered app for creating realistic nude photos

AI Clothes Remover
Online AI tool for removing clothes from photos.

Undress AI Tool
Undress images for free

Clothoff.io
AI clothes remover

AI Hentai Generator
Generate AI Hentai for free.

Hot Article

Hot Tools

DVWA
Damn Vulnerable Web App (DVWA) is a PHP/MySQL web application that is very vulnerable. Its main goals are to be an aid for security professionals to test their skills and tools in a legal environment, to help web developers better understand the process of securing web applications, and to help teachers/students teach/learn in a classroom environment Web application security. The goal of DVWA is to practice some of the most common web vulnerabilities through a simple and straightforward interface, with varying degrees of difficulty. Please note that this software

Atom editor mac version download
The most popular open source editor

Dreamweaver Mac version
Visual web development tools

PhpStorm Mac version
The latest (2018.2.1) professional PHP integrated development tool

SecLists
SecLists is the ultimate security tester's companion. It is a collection of various types of lists that are frequently used during security assessments, all in one place. SecLists helps make security testing more efficient and productive by conveniently providing all the lists a security tester might need. List types include usernames, passwords, URLs, fuzzing payloads, sensitive data patterns, web shells, and more. The tester can simply pull this repository onto a new test machine and he will have access to every type of list he needs.
