Renowned economist Peter Schiff has warned that conditions in the cryptocurrency sector are predisposing for a potential crash.
According to him, the price of Ethereum (ETH), the second largest cryptocurrency by market capitalization, has dropped by 7% in the last 24 hours.
In case you haven’t noticed, despite yesterday’s launch of 8 #EthereumETFs , #Ether is already down over 7% in the past 24 hours. #Bitcoin is down too, falling 2% over the same time period. The stage is set for a #crypto crash, just in time for the Nashville Bitcoin conference.
— Peter Schiff (@PeterSchiff) July 25, 2024
Schiff also noted that Bitcoin has not been spared from the broader market sell-off in the cryptocurrency and stock market sectors, falling nearly 2 percent. He also noted that markets appear to be pricing in the likelihood of a “hard landing.”
Commenting on gold he said:
I don’t see a big decline in gold. This is in stark contrast to Bitcoin and Ethereum, which have a long way to fall.
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