Bitcoin hater Peter Schiff took to social network already in “bear market territory.”
Bitcoin hater Peter Schiff took to social network already in “bear market territory.”
This comes after the leading cryptocurrency by market capitalization fell to $58,456 on June 24, hitting its lowest level since May 2.
Last week, Bitcoin was already on shaky ground due to massive outflows recorded by US-based exchange-traded funds and other bearish factors such as macroeconomic uncertainty and a recent sell-off. initiated by the German government.
Alex DovbnyaOn Monday, things got worse for Bitcoin bulls after Mt. Gox, the infamous crypto exchange that was hacked in 2014, announced it would begin payments in July.
The exact level of selling pressure is still unclear, but Schiff predicts that the price of the leading cryptocurrency could fall “a lot further” before Mt. Gox Bitcoin begins to hit the market.
Alex DovbnyaEven though Bitcoin has fallen more than 20% from its all-time high, Schiff believes the price correction is now over. “The bear is still young,” she added.
Meanwhile, the Fear & Greed index, a popular tool for measuring investor sentiment, has plummeted to 30. This is the lowest index value since September 20.
At the time of this publication, Bitcoin is trading at $61,133 on the Bitstamp exchange.
