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Bitcoin price goes down? Peter Schiff again predicts bitcoin to fall to $10,000

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bitcoin price decline today

Bitcoin price goes down? Bitcoin is unlikely to reach new highs, but rather continue to fall to $10,000 and below. Peter Schiff, president of Euro Pacific Capital, said this in an interview with Kitco News.

He said the current rise in the cryptocurrency market, including the 70% rise in the price of Ethereum since early July, is not sustainable. He called it a “sucker rally.”

Bitcoin price declined today

“The market is going to go down. I think people should take advantage of the rally they have now and get out. A lot of people are still profiting from these tokens. Somebody bought bitcoin four, five, six years ago and they’re making good profits. It’s the same with Ethereum. People have to go because otherwise the market will take those profits,” the gold supporter believes.

Schiff reiterated his view that the crypto market is in a bubble, despite bitcoin’s price falling about 65% from its highs. Those who have time to get out of it will win, the investor stressed. This year’s market decline, he said, was the result of a massive Pump & Dump scheme.

“There were celebrities, like athletes or actors, who signed up to promote this or that coin to their Instagram followers, for example. It was massive pumping, but people don’t notice it,” he said.

Recall that in early May, Schiff predicted bitcoin would fall to $10,000 in the event of a sharp break through the $30,000 level. After the fall in quotations below this level on May 11, he suggested that the price would test $8,000.

Digital gold traded near $30,000 for about another month before going below $23,000. Against this backdrop, Schiff updated his forecast for bitcoin’s bottom, calling attention to the $5,000 support level.

Earlier, we reported that Best crypto traders to follow do not believe in improvement of the situation in the crypto market.



Cryptocurrency

Korea begins blocking bitcoin holdings of Terra founder

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Terra founder

The South Korean prosecutor’s office appealed to local cryptocurrency exchanges to block the assets belonging to Terra founder Do Kwon. Bloomberg writes about it citing law enforcement officials.

The prosecutor’s office sent demands to cryptocurrency exchanges KuCoin and OKX to freeze a total of 3,313 BTC worth about $67 million, which are owned by Kwon through Luna Foundation Guard. Representatives of KuCoinand OKX at the time of writing had not officially commented on the reports about the blocking of Kwon’s assets.

According to Bloomberg, citing research firm CryptoQuant, the LFG wallet address was created on September 15. After its creation, a total of 3,310 BTC were moved to KuCoin and OKX. Meanwhile, back on September 14, the South Korean prosecutor’s office announced an arrest warrant for Terra coin.

Meanwhile, Do Kwon continues to assure the cryptocurrency community via Twitter that he is not hiding from law enforcement. Moreover, the founder of Terra even questioned whether he was wanted by Interpol. He noted that he still can’t find himself on the Interpol wanted list.

Earlier we reported that the head of Celsius Network, Alex Mashinsky, had resigned.

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Revolut and cryptocurrency news: Revolut received a license from the UK regulator for cryptocurrency services

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Revolut cryptocurrency wallet

Fintech broker Revolut can now provide cryptocurrency services in the UK thanks to a license from the Financial Conduct Authority (FCA). This is reported on the website of the regulator. Revolut and cryptocurrency were not previously linked. 

In fact, the broker received approval from the regulator back on Monday, September 26, but it has become known only now. Before the license, Revolut provided cryptocurrency services through a temporary permit from the FCA. In addition to Revolut, CEX.IO, Copper Technologies, GlobalBlock and Moneybrain also provided crypto services on a temporary basis.

Revolut has long been exploring the expansion of cryptocurrency-related services. According to Revolut CEO Nikolai Storonsky, the company has been exploring options to introduce new services like Revolut cryptocurrency wallet. Revolut was also looking at integrating cryptocurrency stacking. However, it remains unclear whether the broker still plans to provide such services.

Earlier we reported that the head of FTX wants to buy the assets of the bankrupt Celsius Network.

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U.S. exchange regulator fines Tether auditor company $1.5 million

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Tether full audit

Tether auditor company, Friedman LLP, was fined $1.5 million for improper services from 2017 to 2020. This was reported in a press release from the U.S. Securities and Exchange Commission (SEC).

According to the exchange regulator, the Tether auditing company didn’t properly develop audit procedures in its work for the iFresh product network. The company also didn’t exercise the necessary due diligence in auditing another unnamed company. Although the press release does not explicitly identify Tether, the issuer of the USDTstablecoin, as Tether, Friedman’s firm was Tether’s auditor from just 2017 to 2018.

Tether full audit

Earlier, a New York County court required Tether to disclose the USDT Stablecoin’s collateral and prove the assets linkage to the U.S. dollar. According to the court order, Tether is required to provide the company’s financials, income statements, cash flow statements, and so on. However, the time frame in which Tether must provide the statements is not specified.

The lawsuit is part of a legal battle between investors and Tether’s parent company, iFinex. The plaintiffs believe that Tether manipulated the cryptocurrency market by issuing unsecured USDT with the intention of artificially inflating cryptocurrency prices.

Earlier we reported that Vitalik Buterin announced the release of his book.

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