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Bitcoin Price Drops Like a Rock to $7K. Peter Schiff Predicts "Rapid Descent" to $4K

  • Alex Dovbnya
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    Bitcoin tanks by more than 15 percent in mere hours, thus emboldening the most ardent bears

Bitcoin Price Drops Like a Rock to $7K. Peter Schiff Predicts "Rapid Descent" to $4K
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Contents

The most infamous Bitcoin bears are finally having their long-awaited field day.

Gold bug Peter Schiff, who is known as one of the most avid cryptocurrency haters, now claims that the BTC price could plunge up to $4,000 following its shocking drop to the sub-$8,000 level.

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What happened

The crypto king has recently tanked to its lowest level since June at $7,944.33.

The good news is that Bitcoin has finally broken out of its descending triangle that had the crypto community scratching their heads for months. The bad news (at least, for the bulls) is that BTC is most likely heading much lower.

According to BitBull Capital CEO Joe DiPasquale, this sharp sell-off was caused by a double-whammy of the Bakkt flop and the 40 percent hash rate drop. Speaking of the former, DiPasquale believes that physically-settled Bitcoin futures might pick up steam in the long term.

Bakkt’s futures will gather traction in time and it is too early to judge the service based on initial volume.”

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Buying the dip

The Winklevoss twins were undoubtedly among those who were the most affected by Bitcoin’s 15 percent slump. Their collective Bitcoin fortune has dwindled by tens of millions of dollars in split minutes. 

However, the famed Bitcoin billionaires see this drop as another buying opportunity.

These two know a thing or two about hodling given that they acquired a whopping $11 mln worth of BTC back in April 2013 when the top coin was trading at just $266.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an 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. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  •  Denis Sinyavskiy
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    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fed’s own cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency
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Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fed’s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

“It is inevitable. I think it is better for us to start getting our hands around it.”

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of ​​creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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