{"id":5121,"date":"2024-11-12T03:20:41","date_gmt":"2024-11-12T03:20:41","guid":{"rendered":"https:\/\/cryptoopia.com\/cryptocurrency\/5121.html"},"modified":"2024-11-12T03:20:41","modified_gmt":"2024-11-12T03:20:41","slug":"peter-schiff-reacts-to-bitcoins-historic-rise-above-82000","status":"publish","type":"post","link":"https:\/\/cryptoopia.com\/cryptocurrency\/5121.html","title":{"rendered":"Peter Schiff Reacts to Bitcoin's Historic Rise Above $82,000"},"content":{"rendered":"

U.Today – Bitcoin<\/span>, the biggest cryptocurrency by market cap, has recently achieved a historic milestone, surpassing the $82,000 mark for the first time. This remarkable gain has garnered reactions across the board, including from well-known cryptocurrency critic Peter Schiff.<\/p>\n

In his characteristic manner, Schiff expressed his skepticism about Bitcoin’s surge, claiming that it had little to do with its fundamentals.<\/p>\n

In his tweet, Schiff stated that Bitcoin’s rise “has nothing to do with its supposed fundamentals.”<\/p>\n

Schiff questioned Bitcoin\u2019s recent price movement as the U.S. dollar is rising while gold falls. According to Schiff, the recent gain is unrelated to fundamentals – particularly the performance of the U.S. dollar and traditional assets such as gold. <\/p>\n

Schiff claimed that the U.S. economy is on the verge of a boom, with debt-to-GDP ratios falling, lowering the demand for U.S. dollar alternatives.<\/p>\n<\/p>\n

Bitcoin rallies<\/h2>\n

The crypto market has broadly surged in the past week. On Monday, Bitcoin (BTC) jumped above the $82,000 mark for the first time in its history following an unusual weekend pump.<\/p>\n

BTC surged 4%, extending its seven-day gains to nearly 20%, following a week that saw the Federal Reserve cutting rates by 25 basis points \u2014 which traders considered bullish. At the time of writing, BTC was up 3.29% in the last 24 hours to $82,329 after reaching all-time highs of $82,544.<\/p>\n

In the last 24 hours, crypto liquidations totaled $620 million. Bearish cryptocurrency bets lost $255 million, while longs were liquidated for $365.69 million, according to CoinGlass data.<\/p>\n

Futures premiums have risen, with open interest in Bitcoin’s price above $90,000, approaching $2.8 billion on the renowned Deribit derivatives exchange, one of the few crypto native platforms that supports futures trading.<\/p>\n

If today closes in green, Bitcoin will mark its seventh consecutive day of gains. <\/p>\n

This article was originally published on U.Today<\/p>\n","protected":false},"excerpt":{"rendered":"

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