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Peter Schiff Believes Bitcoin Again Heading Towards Bear Market

As Bitcoin experienced a fall in its price recently, gold bug Peter Schiff claimed that this move indicates that it is heading towards a new bear market. 

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As Bitcoin experienced a fall in its price recently, gold bug Peter Schiff claimed that this move indicates that the world’s largest cryptocurrency is heading towards a new bear market. 

The co-founder of Gemini, Tyler Winklevoss, recently tweeted about Bitcoins being consolidated and in response to that, Schiff stated that in the past two months Bitcoin has experienced a huge surge in its price, that happened because of Gold and the lucky television ad campaign.

Bitcoin To Fall From Resistant Level 

In July 2020, when Bitcoin was stable at its resistant point, Peter Schiff predicted that soon the digital asset would start falling down from that point. And he further claimed that while the Bitcoin starts losing its value, Gold would escalate.

On September 06, Schiff in his tweet has stated that presently, the value of BTC is $10,000 and now is the time to watch its movement.

Winklevoss in his tweet mentioned that the current position of Bitcoin shows that even though it is at $10,000 but soon the digital asset would escape that value. While replying to his tweet, the CEO of Euro Pacific Capital stated that before the next breakout, the price of Bitcoin can be consolidated and there is a possibility that it does not represent a bottom.

Grayscale’s Television Advertisement

Schiff’s recent prediction regarding the Bitcoin crash failed on his Twitter thread. Later, while giving his response, Peter Schiff stated that his prediction went wrong only because of the enduring effect of Gold’s performance. 

Further, he mentioned that the crypto asset management and investment firm Grayscale has been advertising about Bitcoin on televisions, which also helped in improving the performance of the world’s largest digital asset in the market.

Recently, American Libertarian admitted that his mid-summer prediction about Bitcoin was wrong.

The report stated that earlier, it was predicted that the value of Bitcoin would fall below $9,000, but in the last two months, it surged over $12,000. However, as per the last week’s data, the value again came down to $10,000.

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#American Libertarian #Bear Market #Bitcoins #CEO of Euro Pacific Capital #co-founder of Gemini #Gold #Grayscale #peter schiff #Tyler Winklevoss

Source: https://www.cryptoknowmics.com/news/peter-schiff-believes-bitcoin-again-heading-towards-bear-market

Blockchain

CBDCs Are Not That Stable And May Eventually Kill Bitcoin, Says Financial Expert

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Edward Chancellor – a British journalist and financial historian, explained that the first central bank digital currencies are likely to raise inflation which can lead to the destruction of Bitcoin. He agreed that CBDCs are ”cool” but certainly not stable.

CBDCs Would Mean The End Of BTC

Nowadays, many central banks of numerous leading economies such as China, Japan, and the US, are researching the option of launching their own CBDC. In a recent interview for Reuters, Edward Chancellor opined that central bank digital currencies are highly risky projects.

He said that CBDCs might even kill Bitcoin. Chancellor explained that it is much easier to distribute and ”print” digital currencies rather than cash, and that will cause an utterly high level of inflation.

He then added that in order to solve the issue, the governments and central banks would have to fix the emission of their digital coins – which number would be much higher than 21 million bitcoins:

”When banks get it right with CBDCs this will kill Bitcoin.”

The historian analyzed that changes in the form of money are normal and have happened multiple times in the past. As an example, he pointed to the paper money which once replaced metal coins. Chancellor predicted that in the process of the financial revolution, digital currencies would invade the world, but he opined that Bitcoin would not be among one of them.


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In conclusion, the journalist said that central bank digital currencies are ”cool” as a project but can not qualify as stable.

Deutsche Bank on CBDCs

Recently, the multinational investment banking giant – Deutsche bank – shared similar thoughts. The CIO of the German institution – Christian Nolting – predicted that CBDCs could damage Bitcoin’s role as a payment instrument. He also suggested that the primary cryptocurrency could serve as a store of value.

According to Nolting, the crypto industry is ”here to stay.” On the other hand, he warned that ”governments and more digitally-aware populations might ultimately prefer to go with CBDCs,” instead of relying on the decentralized nature of BTC. Furthermore, some potentially harming legislative frameworks developed by world regulators could reduce digital assets’ chances of serving as international payment instruments:

”A widespread introduction of CBDCs accompanied by higher regulation of cryptocurrencies could create a more challenging environment for crypto assets as some of their advantages compared to traditional financial assets would fade in the longer term.”

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Source: https://cryptopotato.com/cbdcs-are-not-that-stable-and-may-eventually-kill-bitcoin-says-financial-expert/

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Blockchain

Bitcoin Price Hit 11-Week Low: BTC Retesting The Lowest Weekly Close Since February

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In early Sunday trading, BTC prices had fallen to their lowest levels for over 11 weeks, hitting $46,700 before a minor recovery.

The last time Bitcoin dropped to these levels was at the end of February during the second major correction of this ongoing rally. A rebound off that bottom sent prices above $60K for the first time in the two weeks that followed.

Later today, Bitcoin is going to close another weekly candle. In case the candle closes at those levels, this will become the worst weekly close since February 22nd, when BTC ended the week at $45,240, according to Bitstamp. Two weeks ago the weekly candle closed at $49,200, which the current lowest week close since February.

Second ‘Lower Low’ For Bitcoin

This time around, things feel slightly different and the bearish sentiment is returning to crypto-asset markets. Since its all-time high of $65K on April 14, Bitcoin has made a lower high and has now formed a second lower low on the daily chart, which is indicative of a larger downtrend developing.

Analyst ‘CryptoFibonacci’ has been eyeing the weekly chart which also suggests the bulls could be running out of steam.


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The move appears to have been driven by Elon Musk again with a tweet about Bitcoin’s energy consumption on May 13. Bitcoin’s fear and greed index has dropped to 20 – ‘extreme fear’ – its lowest level since the March 2020 market crash. At the time of press, BTC was trading at just under $48,000, down 4% over the past 24 hours.

Market Cap Shrinks by $150B

As usual, the move has initiated a selloff for the majority of other cryptocurrencies resulting in around $150 billion exiting the markets over the past day or so.

The total market cap has declined to $2.3 trillion after an all-time high of $2.5 trillion on May 12. Things are still high on the long term view but losses could accelerate rapidly if the bearish sentiment increases.

Not all crypto assets are correcting this weekend, and some have been building on recent gains to push even higher – although they are few in number.

Those weekend warriors include Cardano which has added 4.8% on the day to trade at $2.27 according to Coingecko. ADA hit an all-time high on Saturday, May 15 reaching $2.36, a gain of 54% over the past 30 days.

Ripple’s XRP is also seeing a resurgence with a 13% pump on the day to flip Cardano for the fourth spot. XRP is currently trading at $1.58 with a market cap of $73 billion. The only other two cryptocurrencies in the green at the time of writing are Stellar and Solana, gaining 3.7% and 12% respectively.

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Source: https://cryptopotato.com/bitcoin-falls-to-11-week-low-as-150-billion-exits-crypto-markets/

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Blockchain

North Dakota City to Accept Cryptocurrencies for Utility Bill Payments

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Williston, a city in North Dakota, plans to accept cryptocurrencies for utility bills online payments, becoming the first in the state to adopt crypto assets.

According to City Finance Director Hercules Cummings, the city has partnered with BitPay, one of the largest bitcoin payment service providers in the U.S. Payments will be converted from crypto to fiat in real-time.

Paying Bills with Crypto

The city council would first monitor how citizens respond to crypto payments. Utility bill payments are the only bills available to be paid with crypto.

However, if volume and interest are significant, the city will expand the options by allowing landfills, permits, and licenses to be paid with crypto. 

Individuals willing to do so only have to visit the official website of the city of Williston, enter their account information to receive an emailed BitPay invoice, and choose their digital wallet and the crypto in which they want to pay.


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Citizens can benefit from cost savings when using crypto as well. Exchanges only charge 1% for every transaction, unlike other payment services, which can charge up to 3%.

North Dakota Embracing Technological Change

Cummings outlined that his city is only responding to a growing trend and technological changes. He added that cryptocurrencies represent innovation for the city’s finance department and a significant step to take the lead in the state and nationwide.

“We are pioneers in the state. This is just one of many, many things that’s going to be rolling out of the finance department. We’ve got a lot of exciting things to unveil later on to be the first of many. Our goal is to be industry leaders, not industry laggers.” Said Cummings.

Williston is the third government entity in the U.S. to embrace cryptocurrencies as adoption takes a fast pace in the country. Wyoming is one of those states, which registered Ripple as an entity and has several crypto-friendly laws.

Featured image courtesy of US News.

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Source: https://cryptopotato.com/north-dakota-city-to-accept-cryptocurrencies-for-utility-bill-payments/

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