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Peter Schiff explains why Bitcoin bulls should be worried
Alex Dovbnja
Peter Schiff warned Bitcoin bulls that the likely approval of Ethereum ETFs could spell trouble for the leading cryptocurrency
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Peter Schiff has the golden bug warned Bitcoin claims the expected approval of Ethereum spot ETFs will be bearish for the leading cryptocurrency.
According to Schiff, any money moving into Ethereum ETFs will “most likely” come from spot Ethereum ETFs that launched earlier this year with great fanfare. “Investors who have decided to invest in cryptocurrencies will not increase that allocation to purchase Ether,” Schiff added.
As reported by U.Today, the US Securities and Exchange Commission suddenly made a shocking U-turn on Ethereum spot ETFs just days before it was expected to reject them.
Fidelity has now filed its amended S-1 registration statement, which no longer includes staking rewards.
The price of Ethereum has increased by a whopping 23% in the last 24 hours. Today he managed to do it overcome Mastercard by market capitalization.
For comparison, Bitcoin saw a relatively modest price spike of 6% over the same time period.
The ETH/BTC pair is now up 16% over the past 24 hours on the Bitstamp exchange after hitting its 2024 low on April 16.
Some analysts have predicted that Bitcoin would benefit from the rejection of Ethereum ETFs. However, it now appears that Ethereum may take a toll on some inflows.
Over the past week, Bitcoin ETFs have seen consistent inflows totaling over $1 billion.
$8,000 this year?
According to British multinational bank Standard Chartered, the price of Ethereum could rise up to $8,000.
The bank also predicted that yet-to-be-approved Ethereum ETFs could attract inflows of up to $150,000.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.