Renowned economist Peter Schiff has warned of a possible collapse in the cryptocurrency sector. The price of Ethereum (ETH), the second-largest cryptocurrency by market capitalization, fell 7% in the last 24 hours, he said. Schiff noted that Bitcoin also did not escape the widespread sell-off in the cryptocurrency and stock markets, falling by almost 2 percent. He stressed that markets are assessing the likelihood of a “hard landing.” An economist predicts that the next recession could start with a stock market crash unless the Federal Reserve cuts interest rates.
The stock market also performed weakly, with investor enthusiasm for artificial intelligence (AI) waning on Wednesday, sending the Nasdaq 100 Index down just over $1 trillion, its worst performance since October 2022.
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