Peter Schiff Says Brace For 'Crypto Black Monday' If This Happens: 'Bitcoin ETF Buyers...Not Long-Term HODLers'
Portfolio Pulse from Shanthi Rexaline
Economist Peter Schiff warns of a potential 'Crypto Black Monday' if Bitcoin falls below its July low, which could trigger mass liquidations in Bitcoin ETFs. Bitcoin recently fell below $58,000 but recovered slightly. Schiff believes Bitcoin ETF buyers are not long-term holders and may panic sell.
August 04, 2024 | 9:31 pm
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NEGATIVE IMPACT
Bitcoin ETFs like BITO could see a significant drop if Bitcoin falls below its July low, potentially leading to mass liquidations.
Bitcoin ETFs are directly tied to Bitcoin's price. A significant drop in Bitcoin could lead to a sharp decline in ETF prices, causing panic among investors and potential mass liquidations.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 80
NEGATIVE IMPACT
Bitcoin fell below $58,000 but recovered slightly. If it falls below its July low, it could trigger mass ETF liquidations, leading to a significant price drop.
Bitcoin's price movement is critical as it directly impacts the value of Bitcoin ETFs. A drop below the July low could lead to panic selling and mass liquidations, causing a significant price decline.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100