The infamous Bitcoin permabear and gold bug Peter Schiff has once again taken a swing in the primary cryptocurrency.
His comments followed a volatile market that saw nearly $ 300 million in liquidations in less than an hour and more than $ 800 million in less than a day.
Peter Schiff Bashes Bitcoin
Well-known economist and strong gold bidder Peter Schiff has once again seized the opportunity to swing in Bitcoin.
He said there was no new money coming in, but instead, old money that was exchanging profit.
Bitcoin HODLers pumpers ensured that once #Bitcoin made a new high, momentum investors would rush into buying. That was part of the pump to keep the little guys aboard the ship as the big men dumped. Bitcoin made a new highlight, but instead of new money rushing in, it swapped out old currencies.
– Peter Schiff (@PeterSchiff) December 1, 2020
He also believes this is “part of the pump to keep the lads on board while the big men are dumping.” However, it fails to find its information and makes unconfirmed claims.
In fact, data from Santiment, publishing just yesterday, it was revealed that addresses holding large quantities of bitcoins continue to rise over the past two weeks, while addresses holding between 0 and 10 bitcoin have declined.
There is no accepted standard as to what constitutes a “bitch,” but the smallest share that Santiment tracks between 0 and 10 bitcoin comes close to that. In any event, it is unclear at best what caused the collapse.
Hard Day Nonetheless
Regardless of Schiff’s unfounded allegations, this was undoubtedly a blow to investors. Like CryptoPotato reported earlier today, over $ 290 million was liquidated in less than an hour.
At the time of writing, total liquidations over the last day totaled $ 839 million. Most of that comes from Binance, which saw about 38% of all. The biggest liquidation right now is $ 6.02 million, and it happened on Huobi.
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