Since bitcoin began falling from its all-time excessive final 12 months, the economist and gold bug, Peter Schiff, made positive everybody is aware of that he wholeheartedly believes the main crypto asset will fall to zero. Now that FTX has collapsed, Schiff has doubled down on his perception and he’s wasted no alternatives to dunk on bitcoin all through the chaos. On Monday, Schiff stated on Twitter that presently, it’s “not a crypto winter” nor a “crypto ice age,” as a result of that suggests a spring thaw is coming. Schiff insists bitcoin’s worth is just not going to bounce again and this time round he thinks we’ll see a “crypto extinction.”
Peter Schiff has been criticizing bitcoin (BTC) a terrific deal extra nowadays ever for the reason that FTX collapse final week. Schiff detailed on Monday that he was scheduled to ship a keynote presentation on the Dubai Valuable Metals Convention (DPMC) on Nov. 21-22.
“Final 12 months the keynote was delivered by [Microstrategy’s Michael Saylor],” Schiff tweeted. “He advised the viewers to promote all their gold and purchase bitcoin. On the day he spoke Bitcoin traded above $60K, whereas gold was buying and selling close to $1,850. Since then gold is down 4% and Bitcoin is down 73%.”
The DPMC schedule says that the “monetary knowledgeable and creator will focus on the tip of greenback hegemony, the demise of bitcoin, and the worldwide remonetisation of gold.” Previous to revealing he was attending the DPMC, Schiff criticized the Tremendous Bowl champion Tom Brady’s affiliation with FTX.
“With bitcoin thus far beneath the $100K goal, I feel it’s about time that the remainder of you [hodlers] comply with [Tom Brady] and take away the laser beams out of your eyes in your Twitter profiles. Tom Brady wouldn’t be the GOAT if he didn’t be taught from his mistake,” Schiff said.
Schiff added that the crypto economic system was the primary to interrupt for the reason that U.S. Federal Reserve began the quantitive tightening cycle. In Schiff’s opinion, cryptocurrencies are simply the “weakest hyperlink within the threat chain, having probably the most leverage and least actual worth.”
Schiff insisted that now that the chain has a damaged hyperlink, “the chain is weaker and extra more likely to fail.” Schiff additionally lately famous that he disagreed with Shark Tank star Kevin O’Leary, aka Mr. Fantastic, when O’Leary stated he was “going to fly to Washington” as a result of he desires crypto regulation now.
“I disagree with [Kevin O’Leary],” Schiff responded in response to O’Leary’s statements. “Extra Govt. regulation is just not the answer. The lesson of FTX is for buyers to do higher due diligence and never simply foolishly leap on speculative [bandwagons]. Additionally, we want sound cash with rates of interest set by free markets, not central banks.”
On the anniversary of bitcoin’s all-time worth excessive 5 days in the past, Schiff remarked that your complete crypto rally final 12 months “was a fraud.” The gold bug additional careworn that the crypto rally will “by no means be repeated — bitcoin mania is over.” On Monday, Schiff talked concerning the crypto winter and advised his 866,700 Twitter followers that this present crypto downturn is just not a crypto winter.
“This isn’t a crypto winter,” Schiff wrote. “That suggests spring is coming. That is additionally not a crypto ice age, as even that got here to an finish after a few million years. That is crypto extinction. However blockchain will dwell on. Gold will rise once more to guide a brand new breed of asset-backed cryptos,” Schiff added.
The economist’s commentary was mocked fairly a bit after he stated this was a “crypto extinction,” and one particular person dunked on Schiff’s now-defunct financial institution in Puerto Rico. “How’s your financial institution Peter?” the particular person asked. Schiff nevertheless, responded to the critic and stated: “It will have been doing nice, however [the] authorities and the media killed it — The market will kill bitcoin.”
What do you consider Peter Schiff’s claims that this time across the crypto economic system’s downturn indicators a “crypto extinction” relatively than a “crypto winter”? Tell us your ideas about this topic within the feedback part beneath.
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On-chain data shows the cryptocurrency traders have hit the snooze button as Bitcoin and other assets have witnessed a plunge in volume.
According to data from the on-chain analytics firm Santiment, trading volume has seen a slowdown in the cryptocurrency sector during the past week.
The “trading volume” here refers to an indicator that keeps track of the total amount of a given asset that’s becoming involved in trading activities on the major exchanges. When the value of this metric goes up, it means the investors are participating in a higher amount of activity related to the coin. Such a trend implies interest in the asset is on the rise.
On the other hand, the indicator observing a decline suggests the traders may be starting to put their attention elsewhere as they are taking part in a lower amount of activity.
Now, here is a chart that shows the trend in the combined Bitcoin trading volume for four different segments of the digital asset sector:
The value of the metric appears to have gone through a decline for all of these groups | Source: Santiment on X
In the above graph, the four sides or segments of the cryptocurrency market displayed are: Memecoins Top 6, AI & Big Data Top 6, Layer 1 Top 6, and Layer 2 Top 6.
“Layer 1” assets refer to those that circulate on blockchains that handle their own security and aren’t built on top of another ecosystem. Bitcoin and Ethereum are the most prominent examples of coins of this type. The coins that aren’t on primary networks, like Polygon (MATIC) and Arbitrum (ARB), are termed Layer 2.
From the chart, it’s apparent that the six largest coins for both of these categories have seen a sharp decline in their trading volume recently. Segments like meme-based tokens and AI-related coins have also noted cooldowns of their own at the same time.
Back in November and the first half of December, the volume was high across the market as traders made a large number of moves during the Bitcoin bull run hype. It would appear, though, that the recent bearish shift has damaged the investor morale.
After the latest continuation of the decline in the indicator, trading activity in the market has slumped to the lowest level since the 4th of November, a day before the presidential elections in the US.
Generally, the market tends to see volatility when a large number of traders are participating in trading activity, as it’s their trades that fuel price moves. Since the trading volume has slumped across the cryptocurrency sector recently, it’s possible that Bitcoin and others might see a state of calm in the near future.
The low activity may even be considered a sign that there is FUD in the market, which is something that has facilitated bottoms in the past.
At the time of writing, Bitcoin is trading at around $90,700, down almost 8% in the last week.
Looks like the price of the coin has been going down over the past day | Source: BTCUSDT on TradingView
Featured image from Dall-E, Santiment.net, chart from TradingView.com
A member of Congress disclosed buying three cryptocurrencies in December, as the sector gets ready to welcome in a pro-cryptocurrency White House administration.
What Happened: With many cryptocurrencies hitting new all-time highs after Donald Trump’s 2024 election win, members of Congress like Representative Guy Reschenthaler (R-Pa.) are adding crypto to their portfolio.
According to Benzinga’s Government Trades page for Reschenthaler, the Republican Representative disclosed the trades recently in one filing.
Here are the cryptocurrencies purchased and the dates the trades were made:
The transactions are the first disclosed by Reschenthaler since he joined Congress in 2019.
Did You Know?
Why It’s Important: Reschenthaler, 41, has not been as vocal about cryptocurrency as other members of Congress have been. The purchase could be due in part due to his belief that a Trump presidency will be bullish for the cryptocurrency sector.
Here is a look at how much the Congressman paid for the cryptocurrencies versus where the price is today:
Two of the Congressman’s purchases have lost money while the purchase of XRP has turned into a winning trade. Benzinga will closely monitor the trading activity of members of Congress when it comes to cryptocurrency in the coming months.
Last year, Reschenthaler proposed renaming the Washington Dulles International Airport, which is located 25 miles from Washington, D.C., to the Donald J. Trump International Airport.
“In my lifetime, our nation has never been greater than under the leadership of President Donald J. Trump,” Reschenthaler said at the time. “As millions of domestic and international travelers fly through the airport, there is no better symbol of freedom, prosperity, and strength than hearing ‘Welcome to Trump International Airport’ as they land on American soil.”
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Image: Shutterstock
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HONG KONG SAR – Media OutReach Newswire – 13 January 2025 – VT Markets, an award-winning financial services provider, today releases its 2025 Q1 Economic Outlook. The report highlights how the dual tailwind of favourable policies and market dynamics will propel the cryptocurrency sector into a new era of mainstream adoption. The report also underscores the transformative strides achieved by cryptocurrencies in 2024, which sets the stage for further growth in the upcoming year.
2024 As A Landmark Year for Cryptocurrency
With the conclusion of the 2024 U.S. Presidential election, cryptocurrencies have ascended from niche assets to mainstream investment products. Political developments, particularly arising President Trump’s re-election and his pro-cryptocurrency stance, acted as the main catalyst for this phenomenon. Participants observed Bitcoin’s price surging by over 40%, crossing $108,000 by year-end anticipating dovish policy shifts and renewed investor confidence towards the digital asset.
Key regulatory appointments, such as naming crypto advocate Hester Peirce as SEC Chair, signalled to the market a shift towards a more favourable regulatory framework, instilling optimism in institutional and retail investors alike.
The Rise of Spot Bitcoin ETFs
In early 2024, the U.S. SEC approved multiple spot Bitcoin ETFs; a significant breakthrough for the cryptocurrency industry then. By year-end, assets under management for these ETFs grew from $28.8 billion to $110 billion. Among them, BlackRock’s IBIT ETF stood out, achieving record-breaking $30 billion AUM in under 300 days.
This development not only validated cryptocurrencies as a mainstream investment class but also paved the way for wider institutional participation. The integration of cryptocurrency into traditional finance is seen as a key step toward standardisation – an issue which has plagued the industry since its inception.
Liquidity and Risk Appetite Fuel Growth
Macroeconomic conditions, including the Federal Reserve’s shift towards an easing monetary policy, contributed to increased market liquidity and higher risk asset valuations. Cryptocurrencies, known for their high-risk, high-reward profile, inevitably emerged as a preferred choice for portfolio diversification, further driving their adoption and price momentum.
2025 Will Be A Year of Regulatory Clarity and Technological Innovation
Looking ahead, the cryptocurrency sector is poised for greater regulatory clarity and broader market acceptance globally:
United States: Expected legislation on stablecoins and other crypto assets will a establish a clear regulatory environment.
European Union: The upcoming implementation of the Markets in Crypto-Assets Regulation (MiCA) will enhance transparency and compliance.
Asia-Pacific: Singapore and Hong Kong are set to strengthen their positions as regional crypto hubs, promoting Web3 development and reopening licensing opportunities for exchanges.
Emerging Markets: Countries like Brazil, the UAE, Australia, and South Africa are advancing efforts to legitimize cryptocurrencies, potentially becoming regional leaders in the sector.
A New Era for Mainstream Cryptocurrency Adoption
The VT Markets’ Research Desk suggests that the confluence of supportive policies, transparent regulations, and robust market conditions will accelerate the mainstream adoption of cryptocurrencies.
They believe that this transition from speculative assets to recognised investment products will be a pivotal moment in financial innovation.
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