By Bhushan Akolkar
Edited by Julia Sakovich
Updated
2 min read
Popular Bitcoin critic Peter Schiff also predicts a major downfall in the Bitcoin ETF market on Monday. He expects a gap down of nearly 15-30% on Monday, as the US market goes live for trading.
There’s been a massive sell-off recently in the Asian trading hours with Japan’s Nikkei and Topix index collapsing more than 20% from the July highs. With worries over the US recession, the Nikkei index has tanked by a staggering 13% today sending jitters across the broader cryptocurrency market.
As of press time, the broader cryptocurrency market cap is down 18% in the last 24 hours, losing more than $400 billion. The Bitcoin price is down by more than 15% tanking all the way under $52,000. With this, BTC has extended its weekly losses to more than 25%.
As per the data on CoinGlass, the crypto market liquidations have crossed $1 billion in the last 24 hours. Of the total liquidations, $900 million has been in long liquidations while $159 million is in short liquidations. As per on-chain data provider Santiment, there’s not much excitement among investors but the Bitcoin dips as of now. Some market analysts have been pricing an even bigger correction once the US market wakes up on Monday.
📉😱 Is this THE dip? Discussions about buying have spiked, but not as much as you may think on such a dramatic drop. Expect for the bigger reaction to come as the US wakes up for their Monday morning shock. Emotional selloffs will only accelerate the timing of crypto's rebound. pic.twitter.com/Cwi5GhWxXX
— Santiment (@santimentfeed) August 5, 2024
Furthermore, popular Bitcoin critic Peter Schiff also predicts a major downfall in the Bitcoin ETF market on Monday. He expects a gap down of nearly 15-30% on Monday, as the US market goes live for trading.
Schiff wrote:
“As I warned Bitcoin has taken out the March low. It’s now trading at $51K. That’s a 20% decline from where it was trading when the Bitcoin ETFs closed on Friday. So this is a #Crypto Black Monday.”
On the other hand, billionaire investor Robert Kiyosaki has advised on buying more gold, silver, and BTC.
BITCOIN and all markets crashing. Yay. Getting ready to buy more Gold, silver, Bitcoin. Now is the time when the coward
— Robert Kiyosaki (@theRealKiyosaki) August 5, 2024
The US futures are down by a big quantum on Sunday, August 4, amid the rising geopolitical tensions between Iran and Israel. With war on one hand and tattering economic conditions, investors are waiting on the edge to take any decision further.
The Volatility Index (VIX) has surged to its highest levels in 18 months with the bond market volatility rising even further. Besides, the unemployment print in the US has added to further woes.
Last Friday, the S&P 500 tanked 2%, its worst fall in nearly two years. Big Tech companies have fallen even more with the Nasdaq 100 correcting over 10% from its peak.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
