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Bitcoin Update Post-Halving: Corporate Whates Continue to Sell BTC And ETH; Market Analyst Says Bitcoin Is A ‘Failure’

A few days after the much-awaited Bitcoin halving event, Bitcoin’s (BTC) price is not where it was anticipated. For the past week, there have been sharp declines in Bitcoin and altcoins due to the tensions between Iran and Israel.

 

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As the new week starts, the crypto market has started to recover from last week’s challenges and as BTC’s price surpasses $66,000, there have been some reports of massive outflows due to investors’ showing concerns about interest rate expectations.

Coinshares reported that the cryptocurrency investment products saw outflows of $206 million for the second consecutive week, attributing these outflows to investor apprehensions regarding interest rate projections. 

Bitcoin (BTC) alone witnessed an outflow of $192 million, while Ethereum (ETH) also recorded an outflow of $34.2 million. In addition, there was a minor outflow of $0.3 million in the Bitcoin short fund, which has been tied to the decrease in BTC’s price. 

Meanwhile, Peter Schiff, an American economist and gold advocate, persisted in criticizing Bitcoin’s capacity to operate as a digital currency.

Schiff pointed out that the cost to complete a Bitcoin transaction is now $128, and it takes a half hour to process. He later noted that this duration had extended to over an hour,” leading him to deem Bitcoin unsuitable for functioning as a digital currency and branding it a “failure.”

Moreover, Schiff forecasted that Bitcoin in the crypto market would undergo a “catastrophic crash” because of the significant quantities of BTC flowing into spot ETFS, rendering it more susceptible as the spot BTC ETF investors are unlikely to be genuine believers. 

Despite the criticism, Bitcoin has succeeded in rebounding above the $65,000 price mark and is currently trading at $65,964.43, indicating an increase of 1.18% in the last 24 hours.

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Sophia Cruz
Financial Writer - Asian & European Desks
Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.
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