Peter Schiff Highlights ‘Crypto Winter’ Prediction By ‘Punxsutawney Phil’ As Bitcoin And Ethereum Plunge

Renowned economist Peter Schiff commented on Bitcoin’s (CRYPTO: BTC) market slump on Sunday, drawing an unusual analogy with “soothsayer” groundhog “Punxsutawney Phil’s” prolonged winter prediction.

What Happened: Schiff took to X to point out the large drop in the value of Bitcoin and Ethereum (CRYPTO: ETH), the two biggest cryptocurrencies by market capitalization.

Bitcoin fell below $92,000 for the first time since Jan. 13, while Ethereum plunged over 25% to a nearly 3-month low on a day marked by the largest cryptocurrency liquidations ever, totaling more than $2 billion.

“It looks like Punxsutawney Phil was right about that long crypto winter,” Schiff said, in a cheeky reference to the popular groundhog.

Full story available on Benzinga.com