Critic skewers BTC as a pump and dump scheme as values languish near $7000

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Bitcoin

There’s a lot more red on the board today in cryptocurrency, but with Bitcoin essentially moving sideways over the month, many buy and holders are ready to push back against some extreme comments from gold bug Peter Schiff, CEO of Euro Pacific Capital, who is ready to call the game, and suggests Bitcoin “pump and dumpers” have not been able to keep Bitcoin values afloat by ensnaring new investors.

“Bitcoin pump & dumpers are losing their mojo,” Schiff tweeted yesterday. “They managed to pump the price by $550 in one minute, a 7.5% spike. Yet the dump reversed the entire pump with an 8% drop in just 7.5 hours. If #Bitcoin pumpers can no longer sucker in new buyers the game is over. Look out below!”

In reporting today at Cointelegraph, Helen Partz takes a measured approach to Schiff’s comments and more, looking at a mixed bag where larger coins have mostly fallen, but some smaller ones have gained ground.

Partz concedes that Bitcoin has descended more than 20% since the beginning of November, but also points out that total market capitalization of all coins is around $200 billion making crypto a pretty significant market.

Then there are the wild market swings that keep us all on our toes.

“Bitcoin’s recent price fluctuations came amidst a transaction that moved nearly $9 million in BTC in a single hour yesterday,” Partz writes.

We’ve seen any number of rosier predictions then Schiff’s as prominent investors continue to hold onto their Bitcoin for the long-term. As with a sideways crawl earlier this year, the current $7000 mark may instead be a steppingstone to higher values, especially if institutional participation continues to grow.

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