Crypto Critic Peter Schiff Issues Caution Amidst Bitcoin Surge To $35,000

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In a surprising twist, renowned crypto skeptic Peter Schiff has made his presence felt in the cryptocurrency sphere, using X platform to highlight Bitcoin’s current valuation of $35,000. He pointed out that speculators are closely monitoring the SEC’s potential approval of Grayscale’s GBTC conversion into an ETF.

Schiff’s remarks carried a tone of caution, suggesting that should this conversion receive regulatory approval, it might mark the zenith of the ongoing Bitcoin price rally. He also advised that subsequent post-approval market sell-off might be less severe than initially anticipated.

#Bitcoin is now trading at $35K as speculators bet on SEC approval of $GBTC converting into an ETF. Such a conversation will likely mark the top of the rally, if Bitcoin doesn’t sell off prior to approval. The selloff will be less severe if the ETF conversion is rejected again.

— Peter Schiff (@PeterSchiff) October 24, 2023

The U.S. Court of Appeals for the District of Columbia Circuit has issued a directive to the Securities and Exchange Commission (SEC), mandating a reevaluation of Grayscale Investments’ request to transform its GBTC fund into a Spot Bitcoin Exchange-Traded Fund (ETF). This decision has reverberated through the market, driving Bitcoin to an astonishing 15% surge and a new annual peak at $36,000. The SEC approved Grayscale’s plans to introduce a Spot Ethereum ETF, further invigorating the enthusiasm among crypto enthusiasts.

Told y’all, this was going to be a nothing to see here drop. Although even I didn’t think the nothingness would be this intense. There’s almost literally nothing written on the mandate. https://t.co/z7CdL4P1vK

— Eric Balchunas (@EricBalchunas) October 23, 2023

Crypto Community Split On Decision’s Bitcoin Fate

Speculations are spreading in the crypto community regarding the implications of a recent decision, leading to a widespread debate. Some optimists anticipate this approval could be a launchpad for another Bitcoin price surge. However, Peter Schiff’s cautious advice is also being considered, which may lead to a market downturn. The outcome of this situation remains uncertain, and this moment can be pivotal for the market.

Source: Tradingview.com

BTC is trading at $34,436, boasting a staggering 24-hour trading volume of $50,555,033,450. This signifies an impressive surge of 12.95% within the last day and an astounding 20.94% increase over the past week.

As the crypto community eagerly awaits the SEC’s final verdict, the future of Bitcoin teeters at yearly highs, with its price and market stability occupying the forefront of everyone’s minds. The unprecedented court directive has set the stage for a potential turning point in the evolving saga of cryptocurrency regulation.

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