Peter Schiff Explains Why Bitcoin Bulls Should Be Worried

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Gold bug Peter Schiff has warned Bitcoin bulls that the expected support of spot Ethereum ETFs is going to beryllium bearish for the starring cryptocurrency. 

According to Schiff, immoderate wealth that moves into Ethereum ETF volition "most likely" travel from spot Ethereum ETFs that were launched earlier this twelvemonth to overmuch fanfare. "Investors who decided to marque an allocation to crypto won't summation that allocation to bargain Ether," Schiff added. 

As reported by U.Today, the U.S. Securities and Exchange Commission abruptly made a shocking U-turn connected spot Ethereum ETFs conscionable days earlier it was wide expected to cull them. 

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Fidelity has present filed its amended S-1 registration statement, which nary longer includes staking rewards. 

The terms of Ethereum is present up a whopping 23% implicit the past 24 hours. Earlier today, it managed to surpass Mastercard by marketplace capitalization. 

For comparison, Bitcoin saw a comparatively humble 6% terms spike implicit the aforesaid clip period. 

The ETH/BTC brace is present up 16% implicit the past 24 hours connected the Bitstamp speech aft hitting its 2024 debased connected April 16. 

Some analysts predicted that Bitcoin would payment from the rejection of Ethereum ETFs. However, present it seems similar Ethereum mightiness spot distant astatine immoderate inflows.

Over the past week, Bitcoin ETFs person recorded dependable inflows totaling much than $1 billion. 

$8,000 this year? 

According to British multinational slope Standard Chartered, the terms of Ethereum could surge to arsenic precocious arsenic $8,000.

The slope has besides predicted that the yet-to-be-approved Ethereum ETFs could pull up to $150,000 worthy of inflows.

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