The start of the second quarter of 2024 will be a big hit for Bitcoin (BTC) bulls as the world's largest cryptocurrency by market capitalization has fallen 10% from its all-time high of $73,700 in mid-March. It wasn't a good thing. This corresponds to a 7% drop in Q2, and at the time of writing, BTC is barely holding the $66,000 resistance level.
Peter Schiff, a well-known financial critic and opponent of Bitcoin, used the opportunity to criticize the constrained performance of crypto assets while praising the performance of gold and silver.
Previous results for Q2 2024 include: Silver is up 8.7%, gold is up 3.4%, and Bitcoin is down 7%,” Schiff said. “The results speak for themselves.
Interest rate traders are spooked by the recent strength in inflation indicators as the chances of the Federal Reserve cutting interest rates in June become less likely. This led to weak market performance not only for Bitcoin but also for major indexes such as the S&P 500, Dow Jones, and Nasdaq, with the Dow Jones dropping 1.34% for the week.
Interestingly, as Schiff pointed out, silver and gold have shown impressive gains despite macro headwinds. Schiff encouraged his followers to take advantage of Bitcoin's downturn and invest in gold and silver, saying:
Attention Bitcoin HODLers. This may be your last chance to sell your #Bitcoin and buy gold or silver at a favorable price.
However, some users criticized Schiff's comments, with one user pointing out:
Lol, it's been 3 days since the quarter started. Let's check it one last time.
Schiff responded confidently, saying that even at the end of the second quarter, Bitcoin will be in worse shape than gold and silver.
As another user pointed out, it's important to note that macro headwinds are largely responsible for gold's rally.
The fact that bonds are selling while gold just rose 15% tells you exactly what you need to know about macro at the moment.
While it may be premature to dismiss BTC's performance as dismal, continued macro headwinds throughout the second quarter could impact the crypto's upside potential as well. there is.
