Peter Schiff

Crypto Prices Show Signs of Recovery, Market Analyst Says ‘Bitcoin Remains in a Healthy Place’

12/01/2021 by Idelto Editor

Bitcoin and a number of other cryptocurrencies have regained some of the percentage losses they suffered this past Monday, as various crypto assets are up today between 5-25% in value. On Monday, the crypto economy dipped under the $800 billion handle after the entire market cap fell from its trillion-dollar valuation. Today, the overall market valuation of all 7,500+ digital assets in existence is hovering just above the $900 billion mark.

Digital currency markets saw some deep losses this past Monday, as the trading sessions on January 10 and into Monday saw crypto assets lose anywhere between 25% to 40% in value. For instance, the price of bitcoin (BTC) slid from a value of $41,056 per unit to $30,261 per BTC shedding over 25% in fiat value.

Today, however, the crypto asset’s value has improved a great deal jumping over 6% during the last 24 hours. BTC has done considerably well over the long run as the crypto asset is still up 3.1% over the week, 82% for the month, 206% for the 90-day span, and 332% against the USD for the year. At the time of publication, BTC is trading hands for prices between $34,600 to a touch over $35,000 on Tuesday afternoon.

The second-largest market valuation is held by ethereum (ETH), which is up 12% on Tuesday and trading for $1,115 per unit. XRP is up over 8% today and each token is swapping for $0.29. Cardano (ADA) is up 16% at the time of publication and trading for $0.29 per token on Tuesday.

Litecoin (LTC) is trading hands for $139 per LTC and is up 10% during the course of the day. Bitcoin cash (BCH) has gained 8.5% as each BCH is swapping for $470 on Tuesday afternoon (EST). Overall cryptocurrency trading volume worldwide today is up 14% and there’s $93 billion in global swaps.

Etoro’s market analyst, Simon Peters, detailed on Monday that “despite yesterday’s short-term market correction, bitcoin remains in a healthy place.”

Peters further explained that many skeptics will call bitcoin a “bubble” but BTC’s long-term outlook remains very strong. “Many detractors were quick to believe the bitcoin bubble had popped, as the price seemed destined to fall below $30,000 but this failed to materialise,” Peters explained in a note to investors.

“As a result, enthusiasts declared victory, arguing that $30,000 is a new bottom for the crypto asset. In my view, it is too early to say. Although we remain in a price range we haven’t seen before, some of the rises and falls we’re seeing in this current crypto bull market were also present in the 2017 bull market,” the Etoro analyst added.

Furthermore, in the recent “Coin Metrics’ State of the Network: Issue 85,” the research company mentioned BTC’s reaction to the January 6, 2021, Capitol breach events in the U.S.

“Bitcoin’s quick reaction to events on January 6th shows its continued maturation as an asset that responds to global events,” Nate Maddrey and the Coin Metrics Team wrote. “It also potentially adds evidence to the narrative that bitcoin is sometimes viewed as a hedge against global unrest. But the run-up to $40K also occurred on the tailwind of a strong run to start the year so it can be difficult to untangle the exact impact of January 6th’s events.”

Meanwhile, the notorious gold bug and economist, Peter Schiff, scoffed at bitcoin’s big losses this past Sunday. “Bitcoin traded near $42K on Friday and near $30K on Monday,” Schiff tweeted. “An asset that drops 28% over a weekend is not a safe-haven, a store of value, or a viable hedge against inflation. If you want to gamble on bitcoin, buy Bitcoin. But if you want to hedge against inflation buy gold,” Schiff added. Following that statement Schiff also said:

As long as people don’t realize or don’t care that bitcoin has no actual value, and continue to buy it anyway, its price can continue to rise. But eventually, those who don’t care will start caring, and those who don’t understand will figure it out. By then it’s too late to sell.

Of course, a number of crypto assets said that Schiff was just talking about bitcoin to gain some attention, and they believe this is why the gold bug often discusses the cryptocurrency so regularly. “It sounds like bitcoin is helping you grow your following more than gold at this point,” one individual responded to Schiff’s tweet about bitcoin. “It seems like that’s where the real value to you is. Ironic. Appreciate the warnings, if you’re right, and forgive you if you’re wrong. Best of luck,” the person added.

Schiff replied back and said that he’s been trying to get people to jump off the bitcoin bandwagon. “It’s hard to tell, but my guess is that I would have even more followers if I got onboard the bitcoin train, rather than trying to convince others to jump off,” Schiff said.

Meanwhile, today’s top token gainers include coins like stakenet, district0x, genaro network, dmarket, and nano which are up between 40% to 91% today. Tuesday’s biggest losers are tokens such as golem, bitnautic, everex, acute angle cloud, and coinmeet. Those five tokens have seen percentage losses between 5% to 19.99% on Tuesday afternoon.

Check out all the latest cryptocurrency price action in real-time at markets.Bitcoin.com.

What do you think about the cryptocurrency percentage gains on Tuesday? Let us know what you think about this subject in the comments section below.

Six-Digit Bitcoin Prices: Stock-to-Flow Creator Says BTC Value Model ‘On Track Like Clockwork’

08/01/2021 by Idelto Editor

Bitcoin prices have gone parabolic and the value is seemingly following along with the controversial stock-to-flow (S2F) model, according to the price model’s creator. This week, the Twitter handle dubbed “Plan B” said the “bitcoin stock-to-flow model [is] on track… like clockwork.”

Stock-to-Flow Author Is Confident in the S2F Price Model

Back in November 2020, news.Bitcoin.com reported on the popular but also contentious stock-to-flow price model created by Plan B. At the time, Plan B said that he has “no doubt whatsoever that bitcoin S2F is correct.” He also added that “bitcoin will tap $100K-288K before [December] 2021. In fact, I have new data that confirms the supply shortage is real. IMO 2021 will be spectacular,” Plan B stressed two months ago.

During the last few weeks of bitcoin’s value rising massively, Plan B reiterated his belief that the S2F model was still very much on point. On Thursday, the popular Twitter account tweeted: “Bitcoin Stock-to-Flow model on track .. like clockwork.” Plan B also shared a chart that shows the current price action seemingly following along with the S2F model. Moreover, Plan B also said that bitcoin’s “200WMA (weekly moving average) [is] increasing 10% per month.”

Furthermore, the Twitter account called “ecoinometrics” also tweeted about BTC’s price values after the halvings. “I know it is still months away but who else is curious to see how close we’ll get to $286,000 in October?” ecoinometrics tweeted. Following the tweet, Plan B responded to ecoinometrics’ statement and said: “Make it $288,000.” Another individual spoke about the controversy about the S2F model and tweeted:

S2F denialism on Twitter is all fun and games, but what if some people acted based on this advice and didn’t buy bitcoin? Who will be held responsible for this?

Peter Schiff Admits He Missed Out on Bitcoin’s Gains

A person responded to the S2F denialism tweet and said: “That would be their own fault for not doing their own research and relying on someone else’s work. They will learn to take responsibility for their actions and hopefully grow from the experience.” After explaining that his model was on track like “clockwork,” Plan B also stated:

Yup, [the] S2F and S2FX models are both on track. Big question is where does bitcoin find its new equilibrium, $100K or $288K? We will know better by Dec 2021.

Meanwhile, as bitcoin (BTC) tapped the $42k zone on Friday, the cryptocurrency naysayer and gold bug, Peter Schiff, explained that he missed out on BTC’s big gains.

“While I missed out on Bitcoin’s big run off the 2020 lows, I didn’t miss out on big gains in other speculative investments,” Schiff tweeted on Friday. “For example, I’ve owned Delta Electronics in Thailand for years. It’s up 27% today and 27x from its 2020 low. Compare bitcoin’s gains to that, not gold’s,” Schiff added.

What do you think about Plan B’s stock-to-flow (S2F) model being on track like “clockwork”? Let us know what you think about this subject in the comments section below.

Crypto Economy Spikes More Than 11%, Entire Market Cap Captures Over $800 Billion

03/01/2021 by Idelto Editor

Digital currency markets have seen decent gains this weekend as bitcoin touched another all-time high (ATH) on Saturday afternoon. Meanwhile, a number of other crypto assets have seen significant price rises as well, as the entire market capitalization of all 7,500+ digital currencies in existence is hovering above the $800 billion mark.

The $800 Billion Crypto Economy

This weekend, bitcoin (BTC) spiked to a new all-time high at $33,333 per unit and since then the price has dropped some after the ATH. At the time of publication, BTC is hovering above the $32k handle as the crypto asset has climbed 19.9% during the last week. The cryptocurrency bitcoin has an overall market valuation of around $602 billion, which brings the bitcoin dominance index to just over 71%.

Meanwhile, the second-largest market capitalization held by ethereum (ETH) is hovering around $88.6 billion. ETH has jumped over 21% this week, 25.4% during the last month, 119% over the 90-day span, and 12-months stats show ETH is up 474%. Currently, ethereum is swapping for $777 per unit and has around $4.8 billion in global trade volume. Further, ever since the recent SEC charges against XRP, the digital currency cap has dropped well below tether’s (USDT) market valuation.

The digital currency XRP is trading for $0.219 per token. XRP is down -24% during the last seven days, -64% for the month, -10% over the three-month span, but 12 months stats against the USD show XRP is up 14.6%. The fifth-largest position is held by litecoin (LTC) which is trading for $137 per coin. LTC jumped 5.2% this week, and 52% during the last 30 days. 90-day stats show LTC has gained 191% and around 222% for the whole year.

Polkadot (DOT) is the sixth-largest market today as the token trades for $9.08 per unit. DOT is up a whopping 77% this week and 69% during the last 30 days. Bitcoin cash (BCH) currently holds the seventh-largest market position on Saturday as each coin is swapping for $362 per BCH. Bitcoin cash is up over 9% this week, 20% this month, and 59% during the last three months. BCH has a market valuation of around $6.7 billion and $984 million in global trade volume.

During the course of the day, as bitcoin crossed a new price range into the $30k zone a great number of bitcoin supporters celebrated. The digital asset strategist and director at Vaneck, Gabor Gurbacs, tweeted about bitcoin’s valuation exceeding any of the top ten global banks by market capitalization.

Moreover, The Block CEO Mike Dudas tweeted about selling a small percentage of holdings. “I sold 10% of my bitcoin today as part of a plan I put in place years ago,” Dudas said. “I plan to hold much of my BTC forever, but I also want to enjoy life with my family in 2021. If you’ve had a plan in place for many years, stick with it. Much [love] and prosperity friends.”

#bitcoin ATH $33k! Next stop the moon?

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— Kraken Exchange (@krakenfx) January 2, 2021

After the day’s momentum, the popular trader Mr. Anderson explained that someday BTC may jump $10k in one day. “We spent a lot of time fighting for the $10,000 level the last couple of years,” he tweeted. “In 2021, BTC will see a $10,000 Daily candle,” he added.

Another individual wrote: “Hyperinflation is happening and will continue to happen in 2021 – globally. If you want to see it, just pull-up a bitcoin chart.”

Gold Bug Peter Schiff Is Not Impressed

However, not everyone fancied the high crypto prices, as the long time bitcoin hater and gold bug, Peter Schiff had to throw in his two cents during the day’s bitcoin runup. “If you never sell your bitcoin, what difference does the price make?” Schiff asked on Twitter. “When it ultimately goes to zero, the percentage loss for all HODLers will be the same, 100%. The significant difference will be how much you pay, not the price. Those who “invest” the most will lose the most,” the famed economist added.

Schiff further said:

Gold is a store of value as people buying gold now will be able to sell it in the future to buyers who actually need to use gold as a metal. Bitcoin’s value comes from the belief that it can be resold at a higher price in the future to speculators willing to make the same bet.

Still, Schiff wasn’t done after his second tweet, and had to throw in one last statement against the leading cryptocurrency. “The only valid reason to buy bitcoin is thinking the bubble will get much bigger before it bursts,” Schiff tweeted. “Most bitcoin buyers don’t know it’s a bubble so they will never sell. But since most who do will be unable to tell when it’s popped, they’re also unlikely to get out with a profit.”

Meanwhile, the honey badger and the $800 billion crypto-economy doesn’t seem to care about Schiff’s Twitter noise.

What do you think about the latest crypto prices this weekend? Let us know what you think about this subject in the comments section below.

The post Crypto Economy Spikes More Than 11%, Entire Market Cap Captures Over $800 Billion appeared first on Bitcoin News.

Peter Schiff’s Understanding of Money is Flawed, Says His Pro-Bitcoin Son

31/12/2020 by Idelto Editor

Gold bug Peter Schiff has been publicly confronted by his 18-year-old son, a bitcoin proponent, on the topic of value. Calling his dad’s understanding of money “Flawed,” Spencer Schiff made the statement in defense of TV Personality Max Keiser, who was having an argument with Peter on Twitter.

‘Your Understanding of Money is Flawed’

Gold bug Peter Schiff was confronted by his son, Spencer Schiff, on Monday after he accused TV personality and bitcoin proponent Max Keiser of not understanding the concept of fiat money.

“According to Max Keiser, I oppose bitcoin because I’m a fiat addict. In the bizarro world of bitcoin, gold is the new fiat,” Peter Schiff tweeted. “Clearly, Max Keiser doesn’t understand the concept of fiat, or how it differs from legitimate currency or actual money. That explains his bitcoin fixation.” At the time of this writing, his tweet got 354 comments and was liked 877 times and retweeted 67 times.

Among those who commented was his son, an 18-year-old bitcoin proponent. Spencer Schiff, a college freshman and student of Austrian economics, replied to his father’s tweet:

Your understanding of money is flawed. You think the key determinant of a money’s soundness is possession of ‘intrinsic value’, a nonsensical concept. What differentiates sound money from fiat money is the former’s emergence on the free market rather than by coercive State edicts.

Many commenters praised Spencer for putting Peter Schiff in his place, with some wondering if he was adopted. Keiser also liked Spencer’s tweet, stating that “The future belongs to bitcoiners. The boomers don’t get it. The millennials and Genz do.” He also urged others to follow Spencer on Twitter.

“By all means follow my son,” Peter Schiff replied. “But not because he has a soft spot for bitcoin. He’s wrong about that. Follow him for all the things he gets right. He’s no monetary scholar yet, but he’s working on it. Losing money on bitcoin will be a costly, but valuable part of his education.”

Peter Schiff and Max Keiser have long been tweeting back and forth about bitcoin and gold. Keiser has predicted that Peter Schiff will panic buy bitcoin at $50,000, just like Warren Buffett and several other bitcoin naysayers, including Mark Cuban and Jim Rogers.

In a tweet on Tuesday, Keiser claimed: “Keep in mind… I started telling Peter Schiff to buy bitcoin at $1. And kept telling him to buy it at $10 $100 $1000.”

Peter Schiff immediately contradicted Keiser, arguing: “I do not recall you ever talking to me about bitcoin when the price was that low. Since so much about bitcoin is a lie anyway, I guess you feel that including a few more makes little difference.”

Do you think Peter Schiff understands what makes money valuable? Let us know in the comments section below.

The post Peter Schiff’s Understanding of Money is Flawed, Says His Pro-Bitcoin Son appeared first on Bitcoin News.

Ripple Assails the SEC, Claims the $1.3 billion Lawsuit is an ‘Attack on the Entire Crypto Industry Here in the United States’

31/12/2020 by Idelto Editor

Ripple has hit back at the U.S. Securities and Exchange Commission (SEC), accusing it of creating more uncertainty and failing in its duty to protect the crypto community. In panning the SEC’s decision to designate its XRP token as a security, the company claims the regulator’s lawsuit against it amounts to an attack on the entire crypto market in the US.

XRP Token Holders Affected

The latest comments by the Ripple team follow reports of the delisting of the XRP token by Coinbase. In a short statement released on December 29, the firm, which is promising another “response in a few weeks to address these unproven allegations against Ripple”, starts by claiming that the public and the media are currently only aware of the SEC’s narrative.

The Ripple team then assails the SEC’s $1.3 billion lawsuit against the company arguing that it has affected “innocent XRP retail holders.” Since the announcement of the lawsuit, the XRP token has now lost more than 50% of its value and the trend is set to continue as more exchanges delist the token. The Ripple statement explains:

We’ve always said that there is a dangerous lack of regulatory clarity for crypto in the U.S. — their lawsuit has already affected countless innocent XRP retail holders with no connection to Ripple. It has also needlessly muddied the waters for exchanges, market makers and traders.

Ripple Customers Outside the US

Meanwhile, the Ripple team, whose executives have previously threatened to pull out of the United States, is also reiterating the assertion that the token is mainly traded outside that country.

“The majority of our customers aren’t in the U.S. and overall XRP volume is largely traded outside of the U.S. There are clear rules of the road for using XRP in the UK, Japan, Switzerland, and Singapore, for example,” reads the Ripple statement.

In the meantime, the Ripple team says it is prepared to defend itself in court although the statement suggests that the company is also pinning its hopes on the incoming SEC leadership. The tenure of the Jay Clayton led SEC board, which made the decision to file the lawsuit against Ripple, recently ended. Following Clayton’s departure, lawyer Elad Roisman has been appointed the acting chairperson.

New SEC Board Unlikely to Change Course

However, others like lawyer Jake Chervinsky say the odds are still against Ripple winning despite the board changes. In a Twitter post, Chervinsky says:

It’s extremely unlikely that changes in SEC leadership will have any impact on the Ripple case. Given Comm’r Peirce’s conspicuous silence, I’d guess the vote was unanimous in favor of filing. Regardless, the case is being prosecuted by enforcement lawyers who are here to stay.

Interestingly, while the SEC has already ruled that bitcoin and ethereum are not securities, that has not stopped bitcoin opponents like Peter Schiff from entertaining the thought. In his latest tirade against bitcoin, Schiff weighs into the Ripple/XRP debacle by asking what would happen if the SEC similarly designated bitcoin as a security.

Do you think that the recent changes at the SEC will have an impact on the outcome of this case? Share your thoughts in the comments section below.

The post Ripple Assails the SEC, Claims the $1.3 billion Lawsuit is an ‘Attack on the Entire Crypto Industry Here in the United States’ appeared first on Bitcoin News.