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Ethereum Going to $2K Says Peter Schiff, Altcoins Bleed Amid US Recession Fears

Peter Schiff believes that Ethereum can correct another 30% from the current levels amid the soaring outflows from the Ether ETFs recently.
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Ethereum Going to $2K Says Peter Schiff, Altcoins Bleed Amid US Recession Fears

Highlights

  • Peter Schiff flashes US recessionary signals warning about a major crypto crash coming ahead.
  • He added that a US recession could be bullish for Gold prices moving ahead with new ATH in sight.
  • The altseason could be delayed as trading volumes are not ripe enough for a rally.

The US recessionary fears have sent jitters across the asset classes with Bitcoin and the broader crypto market seeing major drops. The Ethereum price has crashed 6% going under $3,000, the level last seen in early July. Over the last week, the ETH price has tanked by more than 8.5% with analysts expecting further crash ahead.

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Peter Schiff- Ethereum Can Go to $2K

The spot Ethereum ETFs have seen major outflows in the last two weeks since launch. Popular economist Peter Schiff highlighted this declining performance of Ethereum ETFs, dropping more than 15% in two weeks. As the ETH price stayed under $3,000, Peter Schiff predicted that it could crash further all the way to $2K.

On Friday, the spot Ether ETF saw net outflows of $54.3 million, per the data from Farside Investors. Grayscale’s ETH saw $61.4 million in outflows while Fidelity FETH saw $6 million in inflows. The rest of all other Ether ETFs in the US saw zero inflows yesterday.

Gold buff Peter Schiff took this opportunity to say that a US recession would be bullish for Gold. He explained that a recession could lead to much larger federal budget deficits, a weaker dollar, collapsing real interest rates, and much higher inflation. Also, he believes the Federal Reserve will potentially return to quantitative easing to monetize debt, stimulate the economy, and prop up markets, which could drive gold prices higher.

Interestingly, former President Donald Trump proposed to write crypto checks in order to clear some part of the US $35 trillion debt.

Also Read: Donald Trump Turns Down Debate With Kamala Harris

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Altcoins Bleed Heavily

Along with Ethereum, the rest of the altcoins space is seeing massive correction with the top alts falling anywhere between 5-10%. Although the ALT whales have been buying the dips recently, the trading volumes haven’t picked up well.

CruptoQuant analyst Kate Young Ju highlighted the formation of the buy walls for ALTs paired against Bitcoin and stablecoins. However, she noted that the trading volumes remain low.

Young Ju emphasized that while buy walls are a positive sign, the much-anticipated “alt season,” characterized by a surge in trading volume, has not yet arrived. She said that this would be a good time to research some promising altcoins and prepare for the next bull run.

Also Read: Peter Schiff Warns US Recession & Inflation Spike Ahead

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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