U.Today, the largest cryptocurrency by market value, fell below $61,000 in Saturday’s trading session as risk aversion spread across financial markets and Genesis began distributing the digital asset to creditors after completing its bankruptcy restructuring.
Bitcoin continued its sell-off, falling to an intraday low of $60,240 after the July U.S. jobs report released Friday raised concerns that the world’s largest economy could be in danger of a recession. Stocks also fell as the unemployment rate rose to its highest level since October 2021.
Japan saw another sell-off in response to the Bank of Japan’s minimal monetary tightening on Wednesday, when it raised its benchmark interest rate to 0.25% from a previous range of 0%-0.1%.
At the time of writing, BTC has fallen 3.56% in the last 24 hours to $62,142.
Peter Schiff Reacts to Bitcoin Selloff and Price
As usual, economist and gold enthusiast Peter Schiff, who is also an outspoken critic of cryptocurrencies, took the opportunity to criticize cryptocurrencies, particularly Bitcoin and Ethereum.
Schiff pointed to bitcoin’s week-long decline against the Japanese yen, suggesting that Japanese investors may soon abandon the cryptocurrency.
Schiff wrote: “Bitcoin is down 13% in Japanese yen this week. That’s a big drop for something Japanese investors bought as a safe haven. Gold is also down, but only 2.5% in yen. That’s not bad considering Japanese stocks are down 7.3% for the week. The Japanese will soon be saying sayonara to Bitcoin.”
In another tweet, Schiff criticizes Ethereum ETFs and predicts a drop to $2,000: “Ethereum ETFs are only two weeks into trading and are already down 15%. They closed the week at new lows. Ethereum itself is now trading below $3,000. It won’t be long before it crosses $2,000. Gold is up 2% this week. Bitcoin is down 10%. The race is over. Gold takes the medal.”
Peter Schiff has long been critical of cryptocurrencies, typically citing gold as a more reliable store of value. His recent comments reflect his ongoing skepticism of cryptocurrencies; thus, Schiff’s prediction that Japanese investors will abandon Bitcoin should be read in lithe of his overall approach to investing.
