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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

ScroogeToken: Expanding Community and Continuing Growth After Surpassing $500,000 in Funding

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[PRESS RELEASE – Dover, USA, June 19th, 2024]

Following the remarkable milestone of surpassing $500,000 in funding, ScroogeToken Online is thrilled to announce the ongoing expansion of its community and continued growth in the decentralized finance sector. ScroogeToken remains committed to providing user-friendly access to the Web3.0 ecosystem, emphasizing strong community engagement and innovative technology.

Community Engagement and Growth

The ScroogeToken team has observed a steady increase in participants, contributing to a dynamic and supportive community. The platform’s user-friendly interface and advanced blockchain technology ensure a seamless experience for all users, making Web3.0 accessible and engaging.

100% Daily Auto-Stake Rewards

One of ScroogeToken’s standout features is its 100% daily auto-stake reward, offering investors substantial returns with minimal effort. his staking approach aims to optimize the growth potential of users’ holdings through automatic reinvestment.

Looking Ahead

With a focus on innovation and community support, ScroogeToken is dedicated to setting new standards in decentralized finance. The team is committed to continuous improvement and expanding the platform’s capabilities, ensuring long-term success and sustainability.

Engage with the ScroogeToken Community

For more information and to become part of the ScroogeToken community, users can visit ScroogeToken Online. Stay updated with the latest developments and contribute to the future of decentralized finance.

About ScroogeToken

ScroogeToken is dedicated to providing user-friendly access to the Web3.0 ecosystem while fostering a robust and engaged community. Combining advanced technology with ease of use and community support, ScroogeToken is setting a new standard in decentralized finance. For more information,users can visit ScroogeToken Online.

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Cryptocurrency

Here’s Why Bitcoin (BTC) May Hit Another ATH This Year: Analysts

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TL;DR

  • Bitcoin’s price has dropped over 8% in the past two weeks to around $65,200, but analysts expect a rebound to $72,000-$74,000 and potentially above $100,000 by late 2024.
  • High BTC open interest and negative exchange netflow suggest increased volatility and a potential bull run.

BTC’s Next Possible Move

The leading cryptocurrency in terms of market capitalization has underperformed as of late, with its price dipping by over 8% in the past two weeks. Currently, it trades at around $65,200 (per CoinGecko’s data), a 12% decline from the all-time high registered in mid-March this year.

Nonetheless, prominent industry participants and analysts expect a rebound in the near future. One example is Crypto Rover (an X user with almost 800,000 followers), who thinks BTC has “bottomed” and is now poised to spike to $72,000-$74,000.

Recall that the asset’s price tumbled to as low as $64,000 on June 18 but recovered some of the losses the following day. 

Titan of Crypto chipped in, too, envisioning a potential rally above the $100,000 milestone before the end of 2024. The analyst based their forecast on the BTC halving, which took place in April this year.

The halving occurs every four years and slashes in half the daily issuance of new assets. Historically, it has been followed by a massive BTC price rally and a resurgence of the entire cryptocurrency market.

For his part, Ali Martinez argued that BTC might yet reach its cycle top, assuming it mirrors its performance in past bull runs. The analyst believes the price might peak around December 2024 or by October 2025.

Taking a Closer Look at Some Major Indicators

Important on-chain metrics such as BTC open interest and exchange netflow signal increased volatility in the future and a possible bull run. Bitcoin open interest refers to the total number of outstanding derivative contracts, such as futures or options, that have not been settled yet.

The metric’s rise generally indicates that fresh capital is flowing into the ecosystem, suggesting that traders are either opening new positions or adding to their existing ones. However, it can also signal the opening of new short positions, which could result in a price decline due to the increased selling pressure.

BTC open interest hit an all-time high at the start of June. Despite the retreat in the following days, the indicator is still not so far from its peak level (according to CryptoQuant’s data).

For its part, BTC exchange netflow has been predominantly negative in the last week, suggesting a shift from centralized platforms toward self-custody methods. This is considered bullish since it reduces the immediate selling pressure.

BTC Exchange Netflow
BTC Exchange Netflow, Source: CryptoQuant
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Cryptocurrency

XRP Open Interest Spike in Response to Ripple-SEC Developments

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After making a comeback above $0.50 yesterday, XRP noted a mild decline from the level in the past 12 hours or so.

The brief uptrend, however, wiped its weekly losses, making XRP the only top cryptocurrency in the green during the same period, with a slight rise.

Investors Flock to XRP

In line with the price action, XRP saw a surge in open interest (OI) as traders continued to closely monitor the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC).

This surge in OI suggests that investors are increasingly opening positions anticipating a rise in XRP’s price, according to CryptoQuant’s latest analysis.

The on-chain analytic platform further observed the heightened trading activity around XRP, which is currently the seventh-largest cryptocurrency by market cap.

While this trend could be indicative of bullish investor sentiment, it could also pave the way for potential volatility in the market.

“In such a scenario, it is crucial to monitor market volatility closely and prioritize risk management. As open interest increases along with the price, this could reflect investor expectations and actions, but it could also bring about sudden market fluctuations, so caution is necessary.”

Ripple And SEC’s Squabbles

The dispute between Ripple and SEC began in December 2020 when the latter accused the blockchain firm and a few of its execs of conducting an unregistered securities offering through XRP sales.

Last year, US District Judge Analisa Torres ruled that the San Francisco-based firm’s automated, open markets sales of the cryptocurrency were not considered securities offerings, which contradicted the SEC’s allegations. But the judge agreed with the agency’s assertion that Ripple’s direct XRP sales to institutional investors were indeed securities offerings.

The latest legal spat centers around the argument over the size of Ripple’s potential penalty. Initially, the SEC sought a $2 billion fine, while Ripple’s lawyers suggested that the civil penalty should not exceed $10 million, comparing it to the recent settlement of Terraform Labs.

The regulatory watchdog then countered Ripple’s proposal with a $102.6 million figure, significantly lower than the originally requested fine.

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