Bitcoin Dump is Coming soon says Gold Bug Peter Schiff

Podcaster Peter Schiff has taken to Twitter to draw the attention of the crypto community to the forthcoming Bitcoin dump.

CEO of Euro Pacific Capital and founder of SchiffGold, fund manager and podcaster Peter Schiff has taken to Twitter to draw the attention of the crypto community to the fact that CNBC again was discussing Bitcoin (BTC) widely and in a positive tone. Such mentions of the flagship digital currency on CNBC often get Schiff to tweet about an imminent BTC fall.

Goldbug Schiff believes that the mentions made on CNBC on Monday were paid for by crypto industry insiders and big advertisers who were, in Schiff's view, "calling in some favors."

CNBC has been pumping #Bitcoin pretty hard all morning. That must mean #crypto industry insiders, big advertisers on the network, are calling in some favors. They want to sucker @CNBC viewers into buying crypto and crypto-related equities so they can sell. Get ready for the dump! -@PeterSchiff

The primary cryptocurrency was already experiencing some pressure as it dropped to a weekly low of $23,200 yesterday, as CryptoPotato reported. It remained there for most of the trading day but started losing value fast in the past few hours. It firstly declined to $22,800 before another price drop took it south to below $21,500 (on Bitstamp). The latter became the asset's lowest price point in over three weeks.

As of now, it has bounced off and stands close to $22,000. However, most altcoins are also deep in the red. Ethereum is down by 5% and struggles at $1,750. The rest of the larger-cap alts have been dumped by more substantial percentages, many by double digits. Cardano, Solana, Dogecoin, Polkadot, Shiba Inu, Avalanche, and Polygon have seen up to 15% of their value gone in hours.