Cryptocurrencies are now in the mainstream market according to Peter Schiff

Peter Schiff, a well-known Bitcoin critic, has joined social media platform X to declare that the largest cryptocurrency is firmly in a “bear market”. This comes after Bitcoin’s sharp decline to $58,890 on June 24, its lowest price since May 2. The previous week has already been challenging for the leading cryptocurrency, with significant outflows from US-based exchange-traded funds (ETFs) and other bearish factors such as macroeconomic uncertainty and the recent sale by the German government. Read more:

Bitcoin ETF experiences 7 consecutive days of outflows. On Monday, the situation worsened for BTC enthusiasts when Mt. Gox, the infamous crypto exchange that was hacked in 2014, announced that it will start repaying funds in July. Schiff expects that the price of Bitcoin could decline “much further” even before Mt. Gox pays out the owed assets to users. Despite Bitcoin’s drop of over 20% from its all-time high, Schiff claims that the price correction is far from over. “The bear is still young,” he points out.