Peter Schiff, a well-known critic of Bitcoin, has shifted his focus to Ethereum. He believes that if the US Securities and Exchange Commission (SEC) approves spot Ethereum exchange-traded funds (ETFs), it could have negative implications for Bitcoin.
Schiff’s latest criticism comes at a time when both Bitcoin and Ethereum are experiencing price recoveries. Bitcoin has surged past $70,000, while Ether has crossed $3,700 and is currently sitting at $3,744.53. This represents a 19.4% increase from the previous day and a 29.5% increase from a week ago.
Spot ETFs have become a significant topic in the crypto industry since the SEC’s approval of several Bitcoin products earlier this year. This marked a shift in the regulatory agency’s stance on crypto ETFs. While other countries like Hong Kong have taken similar actions, the focus remains on the SEC due to the United States’ dominance in the market.
As the second-largest cryptocurrency by market cap, Ethereum is at the forefront of the potential approval of ETFs. However, the SEC has already delayed decisions on several Ether ETF applications this year, making the likelihood of approval in the near future relatively low.
But there may be a glimmer of hope for Ethereum investors. Bloomberg’s ETF experts have significantly increased their prediction approval percentages for May from 25% to 75%. This sudden turn of events caused a rapid surge in the price of Ethereum, reaching a multi-week high of over $3,800.
Bitcoin also experienced a significant increase in price, rising from under $67,000 to around $72,000. This surge was attributed to the end of the 90-day pause on trading new Bitcoin ETFs and the liquidation of short positions.
Despite Schiff’s criticism, traders and investors reminded him of his limited success rate in predicting the performance of Bitcoin. One trader pointed out that Ether’s price goes up because of Bitcoin, not the other way around.
On the other hand, Ethereum investors have been reaping profits from the recent price surge. According to IntoTheBlock, 90% of ETH holders are currently profitable, with none of them losing money.
Analysts predict that if the ETFs are approved, Ethereum could reach $4,000 in the coming days, bringing it closer to its all-time high of $4,891.
In conclusion, Peter Schiff’s criticism of Bitcoin has now shifted to Ethereum. The potential approval of spot Ethereum ETFs by the SEC could have negative implications for Bitcoin. However, Ethereum has seen a significant price surge, and if the ETFs are approved, it could reach new all-time highs.
