Economist and longtime Bitcoin critic Peter Schiff I said After the market's response to President Donald Trump was delayed, the code “finally began to crack.” New tariffswas announced on Friday.
He aimed to Trump's decision to impose tariffs that have caused global declines in digital assets and stocks. “I thought what Trump would do was establish a strategic Bitcoin reserve. I was wrong,” he said. Posted.
Despite some First chat Bitcoin on Friday regarding Crypto's resilience to tariff news It's fallen According to Coingecko, 5.6% fell to $78,769 in the last 24 hours, down 27% from the all-time high of $108,786 on January 20th.
Ethereum It was dropped It has fallen from 12% to $1,591, down more than 67% since its peak in November 2021.
It follows a A wider economic downturn In the global market. US stock futures fell on Sunday night, indicating the potential for a volatile market.
In Asia, Japan's Japan 225 fell by 8.9% on Monday morning. Taiwan's Taiex index fell nearly 10% after reopening, triggering circuit breakers from major companies such as TSMC and Foxconn.
The crypto market also saw an increase in liquidation. More than $892 million positions have been wiped out over the last 24 hours, including $300 million from Bitcoin Long and Shorts. According to Coinglass.
Schiff, a founding member of Euro Pacific Asset Management, also pointed out the performance of the official Trump Meme Coin, calling it “appropriate” to lead the decline.
The token launched by the president earlier this year under It currently trades at $7.93 at a past 13.6%, down 89.1% from its highest level of 73.43 on January 19th.
Schiff, a longtime critic of the Crypto industry, also Expressed concern What he described as broad support from industry leaders for Trump's trade policy.
“There are three possible explanations,” he wrote. “1) Are they actually this stupidity?
Shiff has it I've disagreeed before Initiatives linking government policies with crypto markets, including strategic Bitcoin reserve proposals; Discussed Trump's integrity with the crypto industry could lead to widespread losses for retail investors.
Edited by Sebastian Sinclair
