November 27, 2023

Image Credit: CNBC

Peter Schiff Reacts to Bitcoin Amid $100M Crypto Bloodbath

January 24,  2024

By: Pooja

Bitcoin's Price Dip

Image Credit: Livecoins

Bitcoin briefly surged past $49,000 post-spot ETF trading on January 11 but faced rapid declines afterward.

Temporary Boost Post-ETF Launch

Image Credit: Daily Hodl

Bitcoin falls under $39,000 in European trading, wiping out two months of gains amid spot ETF approval anticipation.

European Trading Impact

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BTC's 24-Hour Performance

Bitcoin drops over 5% in 24 hours, hitting $38,600, recovering slightly, ending down 4.69% at $38,927 currently.

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Peter Schiff's Reaction

Peter Schiff, a Bitcoin critic, expresses surprise at its resilience, noting the surprisingly orderly decline amid the price drop.

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Schiff's Prediction on ETF Approval

Schiff justifies predicting Bitcoin ETF approval as a "buy the rumor, sell the news" event, cautioning about potential negative impacts on BTC's price.

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Analyst Perspectives

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Analysts foresee spot Bitcoin ETFs' U.S. launch, widely expected, possibly marking a short-to-midterm price high, contributing to the market downturn.