- Bitcoin has declined 34% against Gold since reaching its all-time high in August.
- Peter Schiff warns the Bitcoin bear market is ongoing, highlighting gold’s outperformance.
- The overall cryptocurrency market cap dropped to approximately $3.6 trillion after a 6% decline in 24 hours.
- Bitcoin’s price fell 4.8% in the last day, trading near $105,400, while gold hit new highs.
- Recent market drops follow President Donald Trump’s threat of 100% tariffs on China, impacting sentiment.
Peter Schiff, a well-known gold advocate, cautioned investors on Friday that the current Bitcoin bear market has not ended. His warning comes as Bitcoin continues to underperform compared to gold, with steep price drops seen in recent months.
According to Schiff, Bitcoin’s price has fallen 34% against gold since reaching its record high in August. The entire cryptocurrency market experienced a sharp downturn over the past 24 hours, with market capitalization shrinking to roughly $3.6 trillion. Bitcoin led the decline, falling 4.8% to trade around $105,400, even as retail sentiment remains positive.
In a post on X, Schiff emphasized gold’s resilience. “If you think this bear market is nearing its end, think again!” he wrote, reiterating his view that gold serves as a more reliable hedge against market volatility. Schiff has frequently criticized Bitcoin for its susceptibility to speculative cycles and rapid price swings.
While gold prices reached fresh highs this week, Bitcoin and other major digital assets have struggled to recover from a recent sell-off. The downturn was triggered by geopolitical concerns, particularly President Donald Trump’s announcement threatening 100% tariffs on Chinese imports. This move weighed on investor confidence, slowing cryptocurrency’s recovery.
Market watchers continue to monitor developments closely as both gold and Bitcoin respond to ongoing economic and political uncertainty.
Previous Articles:
- Coinbase Hacker Loses $4.5M Panic-Selling ETH in Crypto Crash
- Prediction Markets Surge as Mainstream Adoption Breaks Records
- Crypto Market Suffers $1.23B Liquidations as Bitcoin Dips Again
- Trump: China “Forced” Tariffs, Calls for Fair Deal Ahead of Summit
- Ripple Eyes $1B XRP Digital Asset Treasury Despite Poor Track Record
