Saltık Economist Peter Schiff predicted a stock market and crypto crash if the Federal Reserve doesn’t lower interest rates soon. He also noted the decline in Bitcoin and Ethereum. Warned the crypto world for the FOMC meeting
Financial analyst and famous Bitcoin (BTC) critic Peter Schiff has once again sounded the alarm about the state of financial markets. In a series of posts on the X platform, he emphasized the dangerous situation against both traditional markets and cryptocurrencies. He also commented on Federal Reserve monetary policy.
Peter Schiff Predicts Crypto and Stock Market Crash
“Markets are sounding the alarm. shares are in decline. Safe-haven currencies such as the Japanese yen and Swiss franc are rising, while commodity currencies such as the Australian dollar are falling. “If the Fed doesn’t cut rates soon, the recession could start with a stock market crash,” Peter Schiff warned on X. This statement came against the background of significant market volatility, with economists pointing to the Federal Reserve’s potential role in preventing a deeper crisis.
Might interest you: Bitcoin 2024 Conference Kicks Off: Why It Matters?
Additionally, Peter Schiff’s observations extend beyond stocks. “Gold and silver are also in decline. Markets are starting to price in a hard landing. “The key is whether the Fed will let this happen or provide the one thing that will stop a full-blown stock market crash, financial crisis and recession before the election,” he wrote.
In the crypto world, Schiff drew attention to the recent decline in Bitcoin and Ethereum. “In case you haven’t noticed, despite 8 EthereumETFs launching yesterday, Ether is down more than 7% in the last 24 hours. “Bitcoin fell 2% in the same period.”
Additionally, Peter Schiff said, “The stage is set for a crypto crash for the Nashville Bitcoin conference.” This crypto price decline adds to the growing unrest among investors. Additionally, his comments reflect a broader concern that without a rate cut the economy could face a severe downturn.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.