The Bitcoin and the larger cryptocurrency market crashed during the weekend, falling to a low of $110,000, while Ethereum plunged to $3,600. The market crashed as Trump announced 100% tariffs on all Chinese products entering the US. Trump’s statement triggered a large-scale sell-off, and traders initiated profit bookings.
The development made the US stock market bleed on Friday’s trading session. Dow Jones was down 878 points, while Nasdaq fell 820 points. The S&P 500 index dipped 183 points, and Bitcoin and Ethereum spiraled towards the red. However, both BTC and ETH have recovered on Monday, reaching $115,300 and $4,175, respectively.
Also Read: Which Cryptocurrency Coins Are Up After the Recent Market Crash?
Peter Schiff Predicts Bitcoin Could Crash to $75,000 & Ethereum to $1,500
Leading economist and gold strategist Peter Schiff has warned that Bitcoin and Ethereum could erase all profits. He cautioned that the rally would end soon, leading to major carnage in the cryptocurrency market.
Peter Schiff has long been predicting that Bitcoin and Ethereum would meet a dreadful fate. While some of his forecasts have turned out to be accurate, others have missed the point. Schiff also stated that Michael Saylor’s Microstrategy (MSTR) would face the largest losses when BTC crashes to the $75,000 level.
“Crypto carnage continues. Bitcoin is below $110,000, and Ethereum is below $3,700. If Ethereum cracks $3,350, it could crash to $1,500, nearly 70% below its record high. If that happens, Bitcoin could sink to about $75K, a 40% drop from its peak, wiping out all of MSTR’s paper gains,” wrote Peter Schiff on X.
Also Read: XRP Targets $6.20 Price Despite Recent Correction: Analyst
The leading economist also stressed that the majority of his predictions have turned out to be accurate. “I’ve been right about most things than have happened over the past decade. You just don’t realize that yet. In fact, my accurate forecasts are way a lot of people own Bitcoin,” Peter Schiff summed it up on his Bitcoin and Ethereum crash prediction.