Instead of Getting New Money, Bitcoin collapsed after Arrival of ATH

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.

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.

State of Bitcoin Address. Source: Santiment

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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