2024-01-20 09:57:37
Euro Pacific Capital President and critic of the first cryptocurrency Peter Schiff said that he expects digital gold prices to continue to fall with a decrease in demand for spot Bitcoin ETFs.
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The reason that investor buying of the new #BitcoinETFs isn’t pushing up the price of #Bitcoin is that the outflows from $GBTC plus selling of #BTC exceed the combined inflows into all of the other ten Bitcoin ETFs. Once the initial ETF demand wanes, I expect a bigger price drop.
— Peter Schiff (@PeterSchiff) January 17, 2024
“Investments in new Bitcoin ETFs do not result in an increase in the price of the asset due to the fact that outflows from GBTC and sales of Bitcoin exceed the total inflows into the remaining ten Bitcoin ETFs. Once the initial demand for ETFs subsides, I expect the price to fall even further,” he wrote.
Former hedge fund manager Cramer & Co. and Mad Money show host Jim Cramer called the fall in the price of Bitcoin “a nasty start to the sell-off.”
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Nasty beginning to the bitcoin selloff. Someone’s probably going to try to make a stand here but as we said last night you can’t have an asset double in value by hundreds of billions of dollars in anticipation of an ETF and then almost no one shows up
— Jim Cramer (@jimcramer) January 18, 2024
“Someone will probably try to intercede [за биткоин]but the asset fails to double by hundreds of millions of dollars in anticipation of the ETF, and then almost nothing shows up,” he explained.
Cramer also mentioned renowned trader Larry Williams, who allegedly warned that “the cryptocurrency market is very far from the bottom.”
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The legendary Larry Williams warning me that we are very far from the bottom in crypto
— Jim Cramer (@jimcramer) January 18, 2024
On January 13, the first cryptocurrency fell below the $43,000 level. On January 19, Bitcoin quotes immediately dropped below $41,000. At the time of writing, digital gold is trading at $41,500.
BTC/USDT hourly chart of the Binance exchange. Data: TradingView.
In November 2023, Cramer advised anyone wanting to buy Bitcoin to “just do it.” The TV presenter is known for harsh statements and criticism of the crypto industry, but this remark completely contradicted his previous statements.
Recall that in the same month, Schiff called the first cryptocurrency a “cheap imitation” of gold.
In July, the president of Euro Pacific Capital predicted a rapid decline in digital gold to zero. At that time, the asset was trading at $31,000.
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