Bitcoin economist and longtime bitcoin Peter Schiff said The crypto “finally begins to crack” after a delayed market response to the American president Donald Trump new pricesAnnounced on Friday.
He targeted Trump’s decision to impose prices, which have triggered a decrease in digital assets and actions around the world. “I thought that the stupid thing that Trump would do was to establish a Bitcoin strategic reserve. I was wrong”, he poster.
Despite some initial chatter Friday about the resilience of the crypto to the new prices, Bitcoin fell 5.6% in the last 24 hours at $ 78,769, down 27% compared to its $ 108,786 summit on January 20, according to Coingecko.
Ethereum abandoned 12% at $ 1,591, down more than 67% compared to its November 2021 summit.
He follows a wider slowdown on the world markets. US stock contracts have plummeted on Sunday evening, signaling the potential of an open volatile market.
In Asia, the Nikkei 225 from Japan dropped up to 8.9% on Monday morning. The Taiwan Taiex index fell by almost 10% after reopening, triggering circuit breakers for large companies such as TSMC and Foxconn.
Cryptographic markets have also seen increased liquidations. According to Coiinglass, more than $ 892 million in posts have been destroyed in the past 24 hours, including 300 million dollars in long and short bitcoin.
Schiff, who is a founding member of Euro Pacific Asset Management, also underlined the performance of the official part of the same Trump, judging him “appropriate” that he led to the decline.
The token, launched by the president earlier this year, is down 13.6% in the last day, now negotiating $ 7.93 – a drop of 89.1% compared to its January 19 summit of $ 73.43.
Long -standing criticism of the cryptography industry, Schiff also concerned with concern On what he described as a broad support of industry leaders to Trump’s trade policies.
“There are three possible explanations,” he wrote. “1) They are actually as stupid? 2) They must support everything that Trump does to obtain his continuous support. 3) They believe that the economic damage will benefit Bitcoin.”
Schiff has previously opposite Initiatives linking government policy to cryptographic markets, including the Bitcoin reserve strategic proposal, and supported This alignment of Trump on the cryptographic industry could cause generalized losses for retail investors.
Edited by Sebastian Sinclair
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