Peter Schiff Issues Major Bitcoin Warning: ETFs Won't Save You

According to Schiff, this makes the cryptocurrency market"even more unstable" since he believes that all ETF buyers are future sellers."In contrast, many spot buyers intend to hold their Bitcoin until it ultimately replaces fiat currencies," he added.

Earlier today, the price of the leading cryptocurrency dropped to an intraday low of $66,207, losing more than 5%. Samson Mow Makes Crucial Bitcoin Statement: DetailsLast week, Bitcoin failed to break above the $72,000 level despite strong buying pressure due to stronger-than-anticipated US jobs data. As However, Bitcoin's 19-day streak of uninterrupted inflows has now ended. On Monday, the ETF products saw nearly $65 million worth of outflows.

The Fed is also expected to announce its interest rate decision on Wednesday. However, it is unlikely to trigger more volatility since rates are widely expected to remain unchanged. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.

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