UpdatesOct 25, 2023

Peter Schiff warns crypto enthusiasts about a Bitcoin crash. Speculation before the SEC decision

Court of Appeals Orders Securities and Exchange Commission to Reconsider Bitcoin ETF Application.

The Court of Appeals for the District of Columbia recently issued a ruling that shook the entire digital currency sector. This is because the said court ordered the Securities and Exchange Commission (SEC) to reconsider the application of the popular company Grayscale Investments to convert the GBTC fund into the Spot Bitcoin ETF. It is worth adding that the impact of this decision turned out to be immediate and extremely beneficial for the oldest cryptocurrency, and the price of Bitcoin soared, setting a new annual maximum of USD 36,000.

Peter Schiff and his forecast for BTC

After the announcement of the US court's decision, the oldest digital currency gained 15% in a short time, reaching as much as USD 36,000. There is no denying that this is a clear sign of intense euphoria in the cryptocurrency sector, which has been in a sideways trend for a long time. Investors and traders scattered around the world are currently watching with interest what the future holds on the BTC chart.

At the same time, a loud and popular cryptocurrency critic, Peter Schiff, quickly reacted to new information related to Bitcoin's recent quotations. In his tweet, he pointed to BTC's current price of $35,000 and suggested that speculators are betting on the SEC's final approval of Grayscale's GBTC conversion to an ETF.

However, Schiff additionally warned that the potential conversion could signal an impending peak in BTC price growth. This clearly means that, according to his analysis, the market may be on the verge of a significant price drop in the near future.

Two main questions in the cryptocurrency market

As a result of these events, the cryptocurrency community now faces two key questions:

- Will the approval of the transformation of GBTC into an ETF bring further significant price increases on the BTC chart?

- Will Peter Schiff's warning about a potential BTC price crash be reflected in objective reality?

The near future will probably bring us answers to these questions.