Coinspeaker
Crypto Crash Looms as Market Analyst Peter Schiff Warns of Impending Downturn
Peter Schiff has voiced concerns about the state of cryptocurrency, gold, silver, and overall financial markets. Schiff, who is a financial analyst, foresees a ‘hard landing’ for the financial market.
Schiff stated on his X page that despite the release of eight Ethereum exchange-traded funds, the crypto market has still been falling. He pointed out that Ether has dropped by over 7% in the last 24 hours, while Bitcoin has plummeted by 2% during the same period. He concluded that this analysis signals the start of a crypto crash, which is clashing with the upcoming Bitcoin conference in Nashville. He said:
“In case you haven’t noticed, despite yesterday’s launch of 8 EthereumETFs , Ether is already down over 7% in the past 24 hours. Bitcoin is down too, falling 2% over the same time period. The stage is set for a crypto crash, just in time for the Nashville Bitcoin conference.”
Gold, Silver, and Stocks Also Facing Potential Sell-Offs
Peter Schiff further expressed his concerns about gold and silver, stating that they are not immune to market sell-offs. Gold has dropped by almost 2% in the last 24 hours. He noted that, although the entire financial market is crashing, he does not expect much downside for gold. However, both Bitcoin and Ether could have a drastic fall.
The financial expert revealed that stocks are declining, commodity currencies such as the Australian dollar are also experiencing similar situations, while safe haven currencies like the yen and Swiss franc are rising. He warned that a recession might occur with a stock market crash if the Fed refuses to cut the rate early enough. He stated:
Stocks are selling off. Safe haven currencies like the Japanese yen and Swiss franc are rising while commodity currencies like the Australian dollar are falling. If the Fed doesn’t cut rates soon the #recession may start with a stock market crash.
Schiff asked if the Federal Reserve would let this downturn continue or step in to stop a big stock market crash, financial crisis, and recession before the election.
Schiff, who is a supporter of gold, thinks Bitcoin’s bear market is not over, and he recently predicted after conducting a poll on his X page that if the price of Bitcoin drops below $15,000, it could easily depreciate to $3,500.
However, billionaire businessman Robert Kiyosaki opined that the price of gold, silver, and Bitcoin could surge if former president Trump emerged as the winner in the forthcoming US election. He believed that by August 2025, gold could rise to $3,300 an ounce, Silver to $79.00 an ounce, and Bitcoin to $105,000
At the time of writing, the price of BTC has further dropped by more than 3% in the last 24 hours, while the price of Ether has fallen by over 8%, as shown. Thus, the impact of the newly launched Ethereum ETF on the price of digital currencies is yet to be seen.
Crypto Crash Looms as Market Analyst Peter Schiff Warns of Impending Downturn
