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Banker, financial expert, and noted cryptocurrency skeptic Peter Schiff was heavily quoted and in the spotlight yesterday. The reason? Schiff was reminded of his words that $100,000 for Bitcoin (BTC) is impossible, and anyone who believes in it can “keep dreaming". But here it is December 6, 2024 and we have been living in the paradigm of six-figure Bitcoin for 24 hours, and Peter Schiff has been fighting off everyone who tries to point out his wrongness for 24 hours. 

However, the expert did not keep silent either, and in response to one of such barbs he said that “the dream has come true”. But he also said that the next one will be a “nightmare”, and all crypto-enthusiasts and Bitcoin bulls should be “ready to toss and turn".

The nightmare?

Interestingly, at these words from Schiff, what really happened was something that caused many crypto investors to break out in a cold sweat when the price of Bitcoin collapsed by almost 8% in just 4 minutes, going from $98,250 to $90,500 per BTC. Everything happened so fast that Peter Schiff didn't even seem to have time to pay attention. 

The main cryptocurrency was followed by the rest of the market in one proportion or another, and as a result, liquidations on derivatives on digital currencies reached an astronomical $875 million in 24 hours - one of the record highs for the year. 

The spill was quickly redeemed and the price per BTC returned to around $100,000, but the damage in liquidated positions can no longer be recovered. The good news is that it has already happened, which means that the market will be free of such drastic disturbances for a while.

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.