Bitcoin, 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.
In his characteristic manner, Schiff expressed his skepticism about Bitcoin’s surge, claiming that it had little to do with its fundamentals.
In his tweet, Schiff stated that Bitcoin’s rise “has nothing to do with its supposed fundamentals.”
#Bitcoin’s rise has nothing to do with its supposed fundamentals. The U.S. dollar is rising, #gold is falling, and the U.S. economy is believed to be on the verge of a boom, with debt-to-GDP plunging, reducing the need for U.S. dollar alternatives. It’s a #Trump-inspired mania.
— Peter Schiff (@PeterSchiff) November 11, 2024
Schiff questioned Bitcoin’s 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.
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.
Bitcoin rallies
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.
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 — 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.
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.
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.
If today closes in green, Bitcoin will mark its seventh consecutive day of gains.
