Peter Schiff, a prominent Bitcoin critic, joined social media platform X to declare that the largest cryptocurrency is firmly in a “bear market” following a sharp drop to $58,890 on June 24, its lowest price since May 2. The previous week had already been challenging for the leading cryptocurrency, with significant outflows from US-based exchange-traded funds (ETFs) and other bearish factors such as macroeconomic uncertainty and the recent sale by the German government.
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On Monday, the situation worsened for BTC enthusiasts when Mt. Gox, the infamous cryptocurrency exchange that was hacked in 2014, announced that it would begin payouts in July. Schiff expects that the price of Bitcoin could decline “much further” even before Mt. Gox pays out the owed assets to its users.
Despite Bitcoin’s decline of over 20% from its all-time high, Schiff argues that the price correction is far from over. “The bear is still young,” he pointed out.
