Bitcoin has slumped to its lowest level in more than two weeks. Peter Schiff states that the decline will continue for Bitcoin, which has fallen to the level of $ 32,000.
Sharp drop in Bitcoin BTC
Bitcoin, the largest cryptocurrency by market cap, dropped to an intraday low of $32,418 on the Bitstamp exchange. The cryptocurrency is struggling to recover after posting its third-largest monthly loss ever in May. The most recent drop came after US investigators seized $2.3 million worth of Bitcoin paid to Colonial Pipeline hackers, which brought into question the technology of the cryptocurrency.
Justin Wolfers, professor of economics and public policy at the University of Michigan, states that the news further reduces the number of use cases of Bitcoin. But Alex Thorn, head of research at Galaxy Digital, claims that wrongfully obtained funds flowed to a trading desk or a cryptocurrency exchange willing to comply with a punitive seizure order. This means that there is no evidence that Bitcoin has a security vulnerability. Former President Donald Trump described Bitcoin as a “scam” in a Fox Business interview on June 8. This statement could also be another possible upside for the flagship cryptocurrency.
Schiff: “There is a long road to the downside”
In a tweet, gold buff Peter Schiff believes that if Bitcoin fails to reach a new high, its collapse will continue and eventually fall below $10,000.
Bitcoin dropped to $30,000 on May 19 and then surged to $31,144 on May 23 to $40,992 after a brief relief rally. However, although there are decreases and recovery afterward, BTC is struggling to see the $ 40,000 level.