The price of Bitcoin dips below $40k, triggering bearish sentiment. BTC is now down 40% from its highs, making this in line with the worst drops of 2017. Currently, Bitcoin is holding the 200-day moving average, having wicked below it briefly during the early hours.
William Clemente III noted that Bitcoin inflows into Binance have never been higher, at around 27k units. This would suggest sellers are keen to liquidate their holdings, adding to the bear case and denting the narrative around Bitcoin as an institutional-grade store of value.
Gold-bug Peter Schiff took the opportunity to weigh in on the Bitcoin selloff, targeting companies that bought BTC as an inflationary hedge. Schiff called out the "asinine advice" given by MicroStrategy’s Michael Saylor, saying Bitcoin losses now far exceed the expected annual inflation rate.
He signed off by saying now is the time to jump ship.