NEW YORK - Bitcoin is currently trading just shy of the $37,000 mark, a significant recovery from its lower levels earlier in the year. This resurgence comes amidst a broader market anticipation of the approval of Bitcoin ETFs.
The digital currency's value spiked past $36,000 on Wednesday, reaching heights not seen since May 2022. The rally is largely attributed to the optimism surrounding potential ETF approvals, which are expected to bring in a new wave of institutional investments. The U.S. Securities and Exchange Commission (SEC) has a decision window from November 8 to 17 for considering spot Bitcoin ETF applications, with the possibility of extending the deadline until January 2024.
Despite the positive market sentiment and price action, Peter Schiff, a noted economist and cryptocurrency skeptic, has been cautioning investors about an impending crash. On October 23, Schiff warned that high prices could lead to an increase in sellers over buyers, potentially causing the market to tumble. His concerns were echoed in a recent Twitter poll conducted on Monday, where Schiff highlighted that despite a majority of his followers expressing a long-term holding sentiment for Bitcoin, he interprets this as a sign of an upcoming crash before any SEC approval of spot Bitcoin ETFs.
The poll results showed that 68.1% of respondents supported the "Buy and HODL till the moon" strategy for Bitcoin investing. However, Schiff disagreed with the majority's prediction that a crash would occur after an ETF launch, instead suggesting it would happen sooner.
Investors and observers alike are now closely watching the SEC's decision-making process regarding Bitcoin ETFs as it unfolds over the coming days. The outcome could have significant implications for both the price of Bitcoin and the broader cryptocurrency market.
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