Bitcoin extended its sell-off, dropping to intraday low of $60,240
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Ethereum in Jeopardy as Prices Tumble, XRP's Rebound Flops at $0.65, Shiba Inu Continues to Control 25% DropA further sell-off in Japan occurred in response to the Bank of Japan's most minimal monetary tightening actions on Wednesday when it lifted its benchmark lending rate to 0.25% from a previous range of 0%-0.1%.
In a tweet, Schiff highlighted the weekly decline in Bitcoin's value against the Japanese yen, suggesting that Japanese investors might soon abandon the cryptocurrency.is down too, but only 2.5% in yen. That's not bad considering that Japanese stocks fell 7.3% on the week. The Japanese will soon say sayonara Bitcoin.:"This week Bitcoin is down 13% in Japanese yen. That's a big drop for something Japanese investors bought as a safe haven. Gold is down too, but only 2.5% in yen.
Peter Schiff has long criticized cryptocurrencies, typically citing gold as a more dependable store of value. His recent comments reflect his ongoing skepticism towards cryptocurrencies; thus, Schiff's prediction of Japanese investors abandoning Bitcoin should be read in light of his overall investment approach. Tomiwabold is a cryptocurrency analyst and an experienced technical analyst.
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