Famous Bitcoin commentator Peter Schiff claimed on social media X that the largest cryptocurrency is now in a “bear market.” With a sharp drop to $58,890 on May 24, the price of Bitcoin is at its lowest since May 2. Last week has been challenging for leading cryptocurrencies, with massive outflows from the US spot exchange-traded fund (ETF) and other recent negative factors such as macroeconomic uncertainty.
Sales by the German government.
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On Monday, when Mt. Gox, the famous cryptocurrency exchange, announced that payments will begin in July after being hacked in 2014. Schiff expects the price of Bitcoin to drop “much more” and even before Mt. Gox repays assets owed to users.
Despite a drop of over 20% from historical highs, Schiff believes that the price adjustment is far from over. “The bear is still young,” he pointed out.
