Peter Schiff: Sell Your Bitcoin Now
- Peter Schiff tells followers to sell BTC ahead of a future bearish season.
- Mid-term BTC holders push crypto exchange to over 5000 BTC.
Popular American broker Peter Schiff believes now is the time for investors to sell BTC in their portfolio. This happened amid various unpleasant events in the crypto space, such as a recent one announcement from BlockFi about the inability to operate “as usual”, FTX liquidity crisis, and so on. Already, the price of Bitcoin has plummeted and has continued to decline in value. For a coin with an ATH of around $60,000, Bitcoin is currently trading at $17,408.74. What a fall!
BlockFi attributed its current state to FTX, which is actively seeking funds to remain solvent. In addition, BlockFi blames its predicament on FTX.US and Alameda. According to BlockFi, the platform’s activity will be limited, including a reduced withdrawal option. The crypto lender aims to protect its users from the ongoing chaos, promising them frequent updates.
Until there is further clarity, we are limiting platform activity, including pausing client withdrawals as permitted under our terms… We request that clients not deposit funds into BlockFi Wallet or interest accounts at this time.
BlockFi’s tweet received several reactions from the Twitter community, including Peter Schiff. He said:
This does not look good, but it is to be expected. Much more to come. Sell yours #Bitcoin If you can, so many people who want to sell can’t.
Aside from the BlockFi and FTX.Us withdrawal issues, another implication of the FTX-Alameda crisis has been revealed by on-chain data analysis. The report shows that many medium-term BTC holders are sending their holdings to crypto exchanges. In the last 24 hours, the inflow of crypto exchanges peaked around 5000 BTC. On the other end, BTC spent production has reached a total of 5,133.49 BTC with two major weekly peaks.
Financial analysis shows that the increased sending of BTC to crypto exchanges by intermediate holders will make the market bearish. This analysis complements Peter Schiff’s advice to his followers. The basic effect of this increased crypto exchange will take effect in the next few days.
Why is Peter Schiff campaigning for a BTC sale?
For a while now, BTC has been struggling below $20k and Peter Schiff believes there are more events that will happen in the future regarding BTC. Analysts believe BTC will fall below the estimated production cost of $15k. Several also believe that crypto bears will send the world’s largest cryptocurrency by market cap to graves under $10k.
Another big concern for Peter Schiff about BTC is the latest CPI data release. The consumer price index for October was 7.7 per cent, with inflation falling to a 9-month low. Although the price of BTC skyrocketed after the CPI release, Schiff argued that it should not be considered fuel for BTC or the general cryptocurrency market. In fact, the low trading volumes of BTC show that the price may soon fall.
