Schiff used gold as an alternative to the dollar to describe Bitcoin’s price decline on Friday, but gold’s price fell as well.
Bitcoin and the whole cryptocurrency market have had relatively quiet weekends recently, but things are different this time around.
A number of factors have contributed to the steep decline in the value of Bitcoin and other cryptocurrencies, including yesterday’s statements by many US Federal Reserve presidents and today’s news that Iran is reportedly planning an assault against Israel.
Peter Schiff, who seems to be a perpetual optimist, appears to be waiting for the right moment to unleash yet another can of sludge. On the other hand, remember that when the markets opened yesterday, the price of gold also fell.
According to CryptoPotato, the market collapses of yesterday and today caused Bitcoin’s price to fall by about $10,000. The situation is far worse for the altcoins, whose prices have fallen dramatically on almost every chart.
On CoinGecko, the overall market worth of all crypto assets has fallen to $2.350 trillion from an initial target of $2.8 trillion yesterday morning, a loss of nearly $400 billion in less than 24 hours.
A few high-ranking individuals said that the US Federal Reserve has no intentions to reduce interest rates in the near future, which led to the red flag.
External factors, such as the escalating tensions between Israel and Iran, seem to have a role in today’s drop as well.
Israeli forces reportedly assassinated a top Iranian commander at the embassy annex in Damascus a few weeks ago. Following reports of an impending Iranian counter-strike, the Iranian navy earlier today captured a cargo ship associated with Israel.
A full alert was declared by the Israeli army yesterday, and certain events were cancelled as a result. Rear Admiral Daniel Hagari, the country’s top military spokesman, issued a warning that dozens of combat jets were in the skies.
The United States is on high alert as a result of President Biden’s unexpected return to the White House after a weekend in Delaware. American Defence Secretary Lloyd Austin is reportedly meeting with Israeli officials face-to-face to “address pressing regional concerns.” This information comes from the Pentagon.
