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Gold advocate Peter Schiff predicts Ethereum's drop to $2,000 as altcoins suffer steep losses amid growing US recession fears.
US Recession Fears Trigger Crypto Sell-Off
Fears of a US recession have spooked investors across asset classes, leading to steep price declines for Bitcoin and other cryptocurrencies. After briefly touching $3,000 in early July, the price of Ethereum has plummeted 6%.
Experts predict that the price of Ethereum will continue to plummet, having fallen by 8.5% in the past week.
Schiff Warns of Ethereum ETF Performance
Significant capital has been pulled out of the spot Ethereum ETFs in the two weeks following their inception. Peter Schiff, a well-known economist, brought attention to the fact that Ethereum ETFs have been performing poorly, falling over 15% in just two weeks.
Farside Investors reported a net withdrawal of $54.3 million from the spot Ether ETF on Friday. While $61.4 million left Grayscale's ETH, $6 million entered Fidelity FETH. There were no new investments in any of the other US-based Ether ETFs yesterday.
Improved gold Gold would benefit from a US recession, according to Peter Schiff, who used this chance to make his case. He went on to say that a downturn in the economy may cause real interest rates to plummet, inflation to skyrocket, the dollar to lose value, and government budget deficits to balloon.
In addition, he thinks gold prices could move up if the Fed uses QE again to monetize debt, boost the economy, and support markets, Coingape reports.
Curiously, Trump, the previous president, suggested using cryptocurrency to pay off a portion of the United States' $35 trillion debt.
Altcoins Face Pressure as Recession Looms
Top altcoins are experiencing price drops of 5-10%, and this is happening across the board in the altcoin ecosystem, not just with Ethereum. No change in trading volume has occurred despite the fact that ALT whales have been purchasing drops as of late.
A buy wall has formed for alternative cryptocurrencies (ALTs) in comparison to Bitcoin and stablecoins, according to CruptoQuant analyst Kate Young Ju. The low trade volumes, meanwhile, are something she did point out.
Altcoins Struggle as Trading Volume Stays Low
Buy walls are encouraging, but the "alt season," when trading volume spikes, has still not come, according to Young Ju. She suggested that you should start looking into some potential altcoins now so you may be ready for the next bull run.
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