The popular gold bug continues with his barrage against bitcoin, but his latest warning came amid times of price resurgence as the cryptocurrency skyrocketed above $70,000.
Schiff actually thinks that a lot of bad news will hit BTC if the US Securities and Exchange Commission indeed greenlights spot Ethereum ETFs.Spot ETFs became the main news in the cryptocurrency industry this year after the US SEC approved almost a dozen such BTC products in mid-January after a decade of rejecting or delaying all applications.
Being the second-largest cryptocurrency by market cap, Ethereum is, expectedly, at the forefront of this trend. However, the Commission has already delayed making a decision on several ETH ETF applications this year, and the chances of approval coming soon are quite slim.
The asset indeed slipped beneath $60,000, but only briefly. Instead of taking that long way down, it bounced off and now trades above $70,000.Ethereum Products Bleed Funds Amidst Regulators' Silence on ETF ApplicationWhat is BounceBit: Liquid Restaking on BitcoinSign-up FREE to receive our extended weekly market update and coin analysis report
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