Peter Schiff Says Investors Are Using Coronavirus To Sell The Market

News / 03.02.2020

There have been unusual declines in the United States market and people blame it on the Coronavirus outbreak. However, Bitcoin critic Peter Schiff does not agree with that notion. He believes that investors are leveraging the outbreak to sell the market.

In January, the cryptocurrency market experienced uptrends that made BTC, LTC, and ETH gain over 20 percent. Many people think Coronavirus is to blame as it keeps rocking the economic world.

The United States market experienced declines that led to the attainment of 2019’s lows. Today, the Chinese markets went down by 8 percent in spite of the PBOC pumping $174B. The last time such a decline occurred was in 2008. These events have boosted the cryptocurrency market as investors seek haven.

Schiff tweeted about the current market downtrend:

He mentioned that investors are using it as an excuse to sell the market; that they would have looked for another excuse if not the virus. He said it was due to the vulnerability of the market after the U.S-China trade deal.

Such perspective may rock the cryptocurrency market’s rally. It is believed that the bad performance in the markets may be bringing investors to the cryptocurrency market. That is, a classic bull trap could come up if Schiff is right. Price upstrends come through the inevitable dumping and taking of profit by some investors.

In spite of what prompted market declines in China and the U.S., central banks are trying to relieve economies and keep printing out money.

Some bullish technical indicators have been coming up on Bitcoin charts within the past few weeks. Analysts foresee more of this with the $9.5k barrier now the remaining barrier to be overcome for prices to skyrocket.

 

Featured image courtesy of Shutterstock. Source: Cryptopress.

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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.