With Bitcoin trading below $19,000 and $BTC dominance down to levels last since over four years go, Peter Schiff said that it was “better to abandon ship before the bottom drops out.”
According to TradingView, currently (as of 6:42 a.m. UTC on September 7) Bitcoin is trading around $18,801 — down 5.23% in the past 24-hour period — with its market cap dominance at 39.51.
What might be a bit worrisome for some Bitcoiners is that $BTC dominance fell below 39.0 yesterday, a level last seen in January 2018.
Bitcoin perma-bear Peter Schiff, who is one of Bitcoin’s harshest critics, is the CEO of Euro Pacific Capital, a full-service, registered broker/dealer specializing in foreign markets and securities. He is also Founder and Chairman of SchiffGold, a full-service, discount precious metals dealer.
Here are a couple of comments from him in the wake of Bitcoin’s price action:
Crypto analyst Scott Melker also commented on the drop in $BTC Dominance:
So, what is going on? Why Did Bitcoin drop below the $19,000 level? The most likely explanation is strong U.S. economic data that suggests that the Fed’s current hawkish stance is warranted.
As CNBC reported, yesterday (September 6), “the Institute for Supply Management’s non-manufacturing PMI figure for August came in better-than-expected at 56.9, rising month over month,” which “could be a sign that the Fed will have more room to hike rates without the U.S. economy falling into a recession.”
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