Peter Schiff, chief economist, global strategist, and a well-known Bitcoin critic, again took a dig at Bitcoin.
He tweeted and said that he is amazed at how bitcoin is holding its position at the $36000 level. He predicts that this is happening only because of the efforts of the top bitcoin holders to prop up the price.
He said that seeing all the crypto-related stocks going down, he thinks that maybe all these whales are selling those stocks to buy more Bitcoin.
It's curious that #Bitcoin has held up so well around the $36K level. My guess is there is a concerted effort by large holders to prop up the price. Judging by the continued carnage in every stock related to #crypto, perhaps whales are selling those stocks to buy more Bitcoin.
— Peter Schiff (@PeterSchiff) May 6, 2022
Bitcoin Price Analysis
With US equities continuing to fall, Treasury rates rising, and the dollar surging to some of its highest levels in 20 years, Bitcoin was trading above $36,000 on Friday, after falling to $35,280, its lowest level since January 23.
According to Coin Metrics data, the correlation between bitcoin BTCUSD, -0.05 percent, and the S&P 500 index SPX, -0.57 percent, reached its highest level ever on Thursday.
A 75-basis-point interest rate increase is not in the cards for the Federal Reserve’s chairman, Jeremy Powell, according to a statement from the central bank.
During a press conference on Wednesday, the Federal Reserve announced that it would begin a multi-trillion dollar balance sheet shrinkage in June.