Cryptocurrencies are now in a bear market according to Peter Schiff

Peter Schiff, a prominent Bitcoin critic, took to social media X to claim that the largest cryptocurrency is now firmly in a "bear market".

Това speech follows the sharp decline of Bitcoin to $58,890 on June 24, its lowest price since May 2. The previous week had already been challenging for the leading cryptocurrency, with significant outflows from US-based spot exchange-traded funds (ETFs) and other bearish factors such as macroeconomic uncertainty and the recent sale by the German government.

On Monday, the situation worsened for BTC enthusiasts when Mt. Gox, the famous crypto exchange that was hacked in 2014, announced , that payments will begin in July. Schiff Expects Bitcoin Price May Fall “much more', even before Mt. Gox to pay back assets owed to users.

Although Bitcoin is down more than 20% from its all-time high, Schiff argues that the price correction is far from over. "The bear is still young", he noted.