From Nasdaq, Inc.:

Economist Peter Schiff is warning that the anticipated Bitcoin ETF approval rally may not meet expectations. Following a false announcement of Bitcoin ETF approval by a compromised Twitter account, Bitcoin spiked near $48K then dropped to $45K. Schiff cautioned, “It’s hard to believe the market will deliver.” The actual approval is expected tomorrow.

Bitcoin traded 2.03% lower at $45,779.97 and fell 4.4% from the Tuesday intraday high of 47,893.70. Data from Coinglass indicated that over 24 hours $46.70 million worth of Bitcoin longs were liquidated.

The anticipated approval of Bitcoin ETFs by the Securities and Exchange Commission (SEC) has sparked speculation in the market. Schiff previously predicted a Bitcoin crash before the ETF launch, cautioning that those who bought the rumor won’t profit if they wait for the launch to sell their Bitcoin holdings.

Schiff’s warning comes after a compromised SEC tweet falsely announced the approval of Bitcoin ETFs, causing market mayhem. This recent incident adds to the already high level of speculation in the market.

Schiff has previously predicted a Bitcoin crash before the ETF launch, warning that those who bought the rumor won’t profit if they wait for the launch to sell their Bitcoin holdings. The caution comes amidst an already high level of speculation in the market.

With Bitcoin’s volatility following a false tweet about ETF approval, Schiff advised that “better to sell today”, cautioning against expectations of a rally and suggesting that the market may not deliver. Bitcoin is expected to react even further with the actual approval.

Noted economist Peter Schiff has warned that the much-anticipated Bitcoin ETF approval rally may not meet expectations. Schiff’s caution comes amidst the high level of speculation in the market, particularly after a false announcement of Bitcoin ETF approval by a compromised Twitter account. Avoiding high expectations in light of market volatility may be the prudent approach.



Read more: Peter Schiff Says Bitcoin Speculators Expect A Rally But ‘Hard To Believe The Market Will Deliver’ After Fake News Pump: ‘Better To Sell Today’