Bitcoin, Ether, and other major cryptocurrencies experienced a major decline on Saturday, a trend that has been going on for days now. At the time of writing this story, Bitcoin fell 0.7% to $83,769.51, its longest streak of monthly losses since 2019. Ether fell 4.9% to $2,677.91.
This came as the dollar had its biggest rally since May after President Donald Trump announced his pick for the Federal Reserve Chair, Kevin Warsh. If confirmed by the Senate, Warsh will succeed Jerome Powell, whose term ends in May.
Meanwhile, a popular crypto influencer and founder of analytics platform Into The Cryptoverse, Benjamin Cowen, warned about a bearish market in the cryptocurrency space. Influencer Crypto Bitlord tweeted: “The next major support for bitcoin is $30k."
Cowen, in a recent YouTube video, said: “Today, we’re going to talk about Bitcoin and discuss why the price is dropping and why I think it will likely continue to drop." He added that he believes Bitcoin has already transitioned into a bear market.
“I do think Bitcoin is, in fact, in a bear market,” he said.
Longtime Bitcoin critic Peter Schiff argued that: “Bitcoin is now worth just 15.5 ounces of gold, down 57% from its 2021 high and just 10% above its 2017 high.
