Peter Schiff Predicts Crypto Collapse Following Trump’s New Tariffs
Peter Schiff– Economist Peter Schiff, a long-time critic of Bitcoin, recently remarked that the cryptocurrency market is “finally starting to crack” following the delayed impact of U.S. President Donald Trump’s newly imposed tariffs. Peter Schiff, known for his bearish views on digital assets, argued that Trump’s tariff decision had triggered a global market downturn, affecting both cryptocurrencies and equities.
Peter Schiff criticized Trump’s tariff announcement, which led to a sharp decline in digital currencies. Despite initial optimism on Friday that cryptocurrencies would withstand the tariff news, Bitcoin experienced a 5.6% drop in the past 24 hours, falling to $78,769. This represents a 27% decrease from Bitcoin’s all-time high of $108,786 reached in January 2021, as reported by CoinGecko.
Ethereum followed a similar downward trend, dropping 12% to $1,591, marking a decline of over 67% from its peak in November 2021. Schiff’s comments align with a broader global market slump, where U.S. stock futures also fell sharply, signaling a volatile opening for markets. In Asia, Japan’s Nikkei 225 saw an 8.9% decline, while Taiwan’s Taiex index dropped nearly 10%, triggering circuit breakers in major companies such as TSMC and Foxconn.
The turmoil also led to significant liquidations in the crypto market. Over the past 24 hours, more than $892 million in positions were wiped out, including $300 million from Bitcoin longs and shorts, according to CoinGlass. Schiff also pointed out the performance of the Official Trump meme coin, calling it “appropriate” that it was leading the market decline.
As the crypto market faces increasing pressure from external factors like tariffs and global financial instability, Schiff’s prediction about the market’s fragility appears to be gaining traction. While some remain hopeful about crypto’s resilience, the current market conditions suggest further volatility ahead.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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