The cryptocurrency market is presently trading down in the last 24 hours. Bitcoin slid to lows of $32,111, Ethereum cascaded down to $2162 while the global cryptocurrency market cap shrank by 5.72% to record $1.38T.
The majority of Altcoins were seen posting losses generally between 4%-10%, with AAVE (-10.02%), Synthetix (SNX,-12.19%), Telcon (TEL, -13.58%), KuCoin Shares (KCS, -17.71%) trading down over the last 24 hours.
However, few tokens managed to suppress the market selling pressure, Theta (THETA, +5.91%), Theta Fuel (TFUEL, +6.28%), Decentraland (MANA, +3.94%), Stacks (STX, +12.08%), Bakery Token (BAKE, +7.42%), The SandBox (SAND, +9.75%), Haven Protocol (XHV, +126.98%) were seen trading in the green as of press time.
Bitcoin’s 24-hour decline comes amid the Fed’s stance on keeping a patient tone in terms of tightening monetary policy. The minutes from its latest meeting indicated that Fed was keen to be well-positioned to act on inflation, other risks.
Gold bug and Bitcoin Critic, Peter Schiff noted this on the state of the markets:
”The markets are bracing for the wrong outcome. Investors expect the economy to slow as the #Fed pumps the breaks to successfully fight off #inflation. In reality, the Fed will step harder on the gas even as inflation accelerates to prevent the economy from stalling into recession.”
BTC/USD Daily ChartAt the time of writing, Bitcoin was trading at 32,583.
Peter Schiff remains one of the most outspoken Bitcoin critics. In a flurry of tweets, the Gold bug made an ominous call on Bitcoin price plunging to the $10k mark due to the bearish technical structure of head and shoulders top. In a July 7 tweet, he said:
“Bitcoin continues to carve out the right shoulder of an ominous head and shoulders top pattern. If #Bitcoin takes out the June low, the market could easily collapse below $10K, especially if leveraged speculators are forced to sell. No one seems to acknowledge this possibility.”
In a contrary response, Cryptoanalyst cum economist, Alex Kruger tweeted:
“Bitcoin continues to consolidate after a 50% retracement. If #Bitcoin takes out the June high, the market could easily explode above $100K, especially if leveraged speculators are forced to buy. No one seems to acknowledge this possibility”.
Another Twitter User stated “just do the opposite of what @PeterSchiff says and you will win 999/1000 times. Bitcoin will hit 100k soon.”
Back in 2019, CNBC host Joe Kernen speculated that Bitcoin’s price would reach $55,000 by May 2020. Peter Schiff mocked him at the time, saying “Bitcoin will never hit 50k.”
Bitcoin ($BTC) 30-Day Circulation, Courtesy: SantimentIn the wake of his predictions proving to be false, In February, Schiff upped the ante, saying a Bitcoin price of $100,000 “can’t be ruled out,” but a “permanent move down to zero is inevitable”. Schiff has notably made several incorrect predictions about Bitcoin’s price movement over the years.
What lies ahead of Bitcoin remains mixed according to analysts. The Grayscale unlocking phase in July remains one key event that may affect Bitcoin price either negatively or positively. On-chain analytics firm, Santiment noted that the Bitcoin market presently lies in a wait and see phase:
“As #Bitcoin’s movement has continued to become more dormant while traders wait for the next major move in either direction, our 30-day tracking of unique token circulation has dropped to levels not seen since October 2015.”
Image Credit: Santiment, Shutterstock
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