‘Saylor Is Finished’ – Peter Schiff Slams Bitcoin Tycoon Over $1.44B Reserve Build-Up

Kevin O’Leary has stated that he is not adjusting his investment strategy based on the expectation of a rate cut by the US Federal Reserve in December, indicating a cautious approach to market fluctuations. This comes amid ongoing discussions about the potential impact of monetary policy on various asset classes, including cryptocurrencies like Bitcoin.

The Bitcoin-to-silver ratio has reached its lowest point since October 2023, coinciding with a significant surge in silver prices. This shift suggests a growing investor preference for silver as a traditional hedge against economic uncertainty, potentially at the expense of Bitcoin's appeal.

Ethereum's open interest has plummeted by 51%, dropping from an all-time high of $12.6 billion to $6.2 billion, as nearly $6.4 billion in derivative positions have vanished. This decline follows a significant drop in Ethereum's price, which has fallen below the $2,800 mark, causing heightened panic among investors and raising concerns about a potential bear market.

Former SEC Chair Gary Gensler has declared that all cryptocurrency assets, with the exception of Bitcoin, are considered risky. This statement could significantly influence regulatory frameworks and investor attitudes towards cryptocurrencies globally.

The cryptocurrency market is experiencing a downturn, with Bitcoin leading the decline, causing Ethereum and Dogecoin prices to follow suit. Analysts speculate that the market may be entering a bear trend after a prolonged period of growth, although some predict a potential price pump could occur before this trend solidifies.

Michael Burry, the investor famous for predicting the 2008 financial crisis, has reiterated his stance that Bitcoin is 'worth nothing,' despite recent rebounds in its price. This criticism comes as Bitcoin's value fluctuates significantly, raising concerns among investors about its stability and long-term viability.

A recent 6% rally in Bitcoin has propelled the iShares Bitcoin Trust (IBIT) to become one of the most-traded ETFs, surpassing major funds like VOO, while crypto mining stocks such as IREN and CIFR have experienced significant losses. This shift highlights the volatility and rapid changes within the cryptocurrency market.

Bitcoin long-term holders have seen their supply increase for the first time since April, indicating a potential shift in market sentiment. This uptick in the 6-month inactive supply suggests that investors are holding onto their assets rather than selling, which is often seen as a bullish sign in the cryptocurrency market.