Home

Peter Schiff Predicts a Crypto Market Crash and Shares How the Next Recession Will Start

25.07.2024 12:45 2min. read Kosta Gushterov
SHARE: SHARES
Peter Schiff Predicts a Crypto Market Crash and Shares How the Next Recession Will Start

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.

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.

The economist predicts that the next recession could start with a stock market crash if the Federal Reserve does not lower interest rates.

The stock market also performed poorly as investor enthusiasm for artificial intelligence (AI) waned on Wednesday, causing the Nasdaq 100 Index to drop just over $1 trillion, marking its worst performance since October 2022.

Telegram

SHARE: SHARES
More Economy News

Support CryptoDNES

QR for the Bitcoin/Ethereum Address:

QR for the Bitcoin/Ethereum Address:

No Comments yet!

Your Email address will not be published.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.