Schiff noted that early investors in these assets are sure to be regretting their decisions.
Bitcoin showed indications of rebound, trading around $43,000, offsetting the early slump.
A dramatic fall in Bitcoin’s value occurred after the landmark launch of 11 Bitcoin ETFs in the U.S caused considerable volatility in the crypto market.
Famous crypto critic and economist Peter Schiff is worried about Bitcoin’s future, especially for those who have invested in these new ETFs. Bitcoin’s value fell from $49,000 to little under $42,000 in the 24 hours after the ETF launch, coinciding with Schiff’s remarks.
The crypto industry had hoped that the long-awaited arrival of Bitcoin ETFs to the U.S. market would legitimize and make Bitcoin more accessible. Nonetheless, investors are understandably worried because of the sharp sell-off that occurred thereafter.
Indications of Rebound
Due to the precipitous decline in Bitcoin’s price after the launch of these exchange-traded funds (ETFs), Peter Schiff noted that early investors in these assets are sure to be regretting their decisions. The withdrawal of funds from Grayscale’s over-the-counter trusts at the same time as this slump may have exacerbated the problem.
Investors in Bitcoin exchange-traded funds were left in a vulnerable position when the market closed for the weekend, unable to trade or react to the market’s decline. When compared to more conventional financial products like exchange-traded funds (ETFs), this incident highlights the high degree of uncertainty and risk inherent with cryptocurrency investing.
Bitcoin showed indications of rebound, trading around $43,000, offsetting the early slump. The sustainability of this comeback is an open question, but it does indicate that the cryptocurrency market is resilient to some extent. At the time of writing, Bitcoin is trading at $42,860 and is down 1.70% in the last 24 hours as per CoinMarketCap.