Investors are Leveraging Coronavirus Outbreak to Sell the Market, Says Peter Schiff

News / 03.02.2020

The US is experiencing declines in the market sector, and people blame it on the coronavirus pandemic. Nevertheless, Peter Schiff, a Bitcoin critic, believes that investors are leveraging the outbreak to sell the market.

In January, the cryptocurrency market experienced uptrends that made ETH, BTC, and LTC gain more than 20%. However, the US market declined, leading to the attainment of 2019’s lows. Recently, the Chinese market also decreased by 8% despite PBOC pumping $174 billion.

Schiff on Twitter about the Market Downtrend

Schiff tweeted about the current market downtrend and mentioned that investors are using coronavirus as an excuse to sell the market. He said that investors would have looked for another reason if not for the virus and that all these got done due to the market’s vulnerability after the US-China deal.

Schiff’s perspective may rock the cryptocurrency market’s rally since bad performance in the market may bring investors to the cryptocurrency market. It means that a classic bull trap could develop if Schiff is right. Prices uptrend come through the inevitable dumping and taking of profit by some investors.

Central Banks on Printing More Money, as Analysts Foresee Bitcoin Bullish Indicators

Central banks are printing out money to relieve the economy, despite what prompted market declines in China and the US. 

On the other hand, some bullish technical indicators are coming up on Bitcoin charts within the past few weeks. Analysts foresee this since the only barrier remaining to overcome before the prices skyrocket is the $9.4k.

Debasish Das is from India, an engineering graduate and holds a postgraduate degree in management. He has 10 years of experience in the financial sector, having worked for one of the biggest MNC banking groups in the country. Currently he has business in e-commerce, insurance and consultancy. As an avid blockchain and cryptocurrency enthusiasts he believes in investing in the future of technology, and feels this is going to make the world a single marketplace and also give the power from centralized banks and governments back to people.