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- Bitcoin experienced heavy selloffs in the last days following Iran’s attack on Israel.
- Peter Schiff comments on US investors’ helplessness in liquidating crypto if the market crashes overnight.
- Schiff posits that investments in actual Bitcoin are much better than investing in Bitcoin ETFs.
Bitcoin experienced a heavy selloff last day following Iran’s missile and drone attack on Israel. Highlighting the seriousness of the matter, American stockbroker Peter Schiff shared insights on Bitcoin’s limitations that pose high risk to investors.
As I warned if #Bitcoin starts selling off tonight, #BitcoinETF owners can do nothing but watch and wait until the NYSE opens tomorrow morning. In the meantime it will be a long night hoping that Bitcoin doesn't crash before they have a chance to sell. https://t.co/GfLtl6Wc1S— Peter Schiff (@PeterSchiff) April 14, 2024
Iran’s recent attack on Israel with 170 drones, 30+ cruise missiles, and 120+ ballistic missiles into Israel has significantly impacted the crypto economy. Reports stated that the days following the Iranian attack saw the highest liquidations in 6 months, marking $1.5 billion in crypto liquidations.
Reportedly, Bitcoin dipped by about 8% on Saturday evening from a significant high of around $70,000 when the attack’s news broke out. By Sunday morning, Bitcoin recovered slightly, surging above $64,000. At press time, Bitcoin is trading at $65,319, marking a moderate increase of 3.29% in the last day. However, Bitcoin has declined by over 5% over the last 7 days and above 4% over the last 30 days.
Commenting on the high selloff and the US investors’ helplessness to liquidate the crypto at night, Schiff stated,
“As I warned, if Bitcoin starts selling off tonight, Bitcoin ETF owners can do nothing but watch and wait until the NYSE opens tomorrow morning. In the meantime, it will be a long night hoping that Bitcoin doesn’t crash before they have a chance to sell.”
Further, Schiff commented on the investors’ choice to buy actual Bitcoins and Bitcoin ETFs. He posited that the choice of buying actual Bitcoins is “much better” than investing in Bitcoin ETFs.
On March 20, Schiff shared an X post on the same issue. His points revolve around the fact that investors can do nothing if the crypto market crashes overnight but must wait till morning for the US trading market to open. He wrote, “Very frustrating to watch helplessly with no ability to get out.”
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