Cryptocurrency critic Peter Schiff believes that the main cryptocurrency by market capitalization, bitcoin, has been in a bear market for several years.
Mr. Schiff noted that since reaching its current high in November 2021, the major #cryptocurrency has fallen 34% against gold.
On Saturday, #bitcoin fell to an intraday low of $59,839, its lowest level since July 14. Gold, on the other hand, recently hit a record high above US$2,500 an ounce.
earlier this week, Schiff also predicted that financial institutions could pressure #MicroStrategy , known as the largest bitcoin holder, to sell assets.
the meantime, the Fear and Greed bitcoin indicator, which helps gauge sentiment in the market.
shows that traders are feeling fear again. After the latest update, the indicator shows a score of 34 out of 100.
As reported by U. Today, major #cryptocurrencies witnessed an extremely impressive surge in sentiment last month. In less than a week, cryptocurrencies went from fear to greed thanks to a staggering price recovery.
this time around, however, bitcoin went from the most bullish sentiment in the past 16 months to fear in the same short period of time.
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