The cryptocurrency market reined in its excitement today, with a noticeable correction from yesterday’s market-wide rally. Bitcoin lost 200 points but is continuing to maintain its strong market dominance at 70.50%.
Altcoins are suffering, with notable losers including BNB(-4%), LINK(-4.84%) and ATOM(-6.66%), while the rest of the top-50 show losses between one and three percent.
A price correction was to be expected, as the initial excitement from the VanEck “ETF” waned. As reported yesterday by Crypto Briefing, the news had been offered in exceedingly flattering terms. The product in question is far from a true ETF, much less a game-changer.
The Bitcoin vs gold debate has also continued, with Peter Schiff vehemently defending the metal as the true safe-haven against Anthony Pompliano.
Gold and silver lost nothing. Governments conned the public into using paper instead of gold. But central banks continued to hold it as a reserve, and individuals continued to use it as a store of value. But gold has the ability to function as money today. Bitcoin does not.
— Peter Schiff (@PeterSchiff) September…
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Author: Andrey Shevchenko