A well-known expert on exchange-traded funds, or ETFs, says that problem is not unique to Bitcoin.
Peter Schiff, a gold bug, continues to enrage Bitcoiners despite the continuing price decline. This time, the divisive market analyst attacked failing Bitcoin ETFs once again, this time claiming that investors can only “wait helplessly” as the market remains volatile.
The Bitcoin market is open around the clock, while Bitcoin ETF liquidity is only available during US market hours.
Because of the overnight market fall, exchange-traded fund (ETF) purchasers are stuck holding their assets until the market opens again in the morning.
According to U.Today, the top cryptocurrency’s price almost fell below $60,000 earlier today, continuing its losing run.
More than $500 million worth of cryptocurrencies has been sold off in the previous 24 hours due to the market’s inability to withstand the selling pressure.
Bitcoin ETFs are seeing their largest withdrawals to date, which is causing sentiment towards the cryptocurrency to turn bad.
On top of that, the impending Federal Reserve decision to decrease interest rates seems to be another negative factor.
Since the price of Bitcoin has fallen about 20% from its previous peak, the situation seems quite bad for bulls in the market.
A prominent Bloomberg ETF expert named James Seyffart recently criticized Schiff’s piece, stating that the gold bug’s stated phenomenon is not unique to Bitcoin ETFs. Both foreign-stock ETFs and ETFs based on gold are subject to the same rules. Additionally, he brought up the fact that while trading is now accessible, there are stock market events that move markets.
“There is nothing to worry about,” Schiff states, as gold “doesn’t fall overnight” in contrast to its digital competitor.
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