Peter Schiff predicted further drop in the crypto market capitalization

The economist also criticized predictions of a sharp rise in the value of bitcoin

13.06.2022 - 14:40

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What’s new? The CEO of Euro Pacific Capital Inc. and economist Peter Schiff said that he expects the cryptocurrency market to fall further. He noted that following the drop in the value of bitcoin below its key support level of $25 000, the price of Ethereum also collapsed below $1300. Schiff added that total market capitalization has fallen below $1 trillion from a record-high of $3 trillion. He wrote about this on Twitter.

With #Bitcoin dropping below key support at $25K and #Ethereum below 1300, the combined market cap of nearly 20K #cryptos has broken below $1 trillion, from a record-high of $3 trillion. That's $2 trillion down, $1 trillion left to go. The last trillion will be the most painful.— Peter Schiff (@PeterSchiff) June 13, 2022

What else does Schiff say? He warned investors against buying on the dip in the current environment. According to Schiff, the likelihood of losing much more money is very high. He added that “the need to sell bitcoin to pay the bills will only get worse as the recession deepens and many HODLers lose their jobs.” Schiff also mocked predictions of a sharp rise in the value of the first cryptocurrency.

Who is Peter Schiff? He is the CEO of brokerage firm Euro Pacific Capital Inc. and Chairman of investment fund SchiffGold, economist and entrepreneur known for predicting the economic crisis in 2008.

As of June 13, 14:40 UCT, BTC is trading at $23 287 and Ethereum at $1215, according to Binance. The total capitalization of the cryptocurrency market is $999 billion, according to CoinGecko.

At the end of May, Peter Schiff shared a chart of the value of Ethereum, suggesting a massive drop in the asset’s rate to the May 2021 lows. According to Schiff, the value of ETH is likely to continue to decline and may locate at $1 000, which is a minimum mark.

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