Bitcoin, Ethereum, XRP Slide as Peter Schiff Warns ‘Expect More Days Like Today’
Bitcoin , Ethereum and XRP are down over 5% Thursday, with Peter Schiff warning "expect more days like today."Schiff Calls Thursday’s Selloff ‘Perfectly Rational’Schiff noted that Wednesday’s stock rally following the Democratic landslide "made no sense," while Thursday’s reversal "makes perfect sense."He argued the political shift will bring bigger government, larger deficits, more regulation, and higher taxes, inflation and interest rates, all bearish for the economy and stock market.Schiff blamed Republicans and Fox News for failing to deliver on promises, writing that "under Democratic socialists… that fall will now accelerate rapidly."Moreover, widely-followed crypto commentator Ash Crypto said that $2.5 trillion was erased from the U.S. stock market within 60 minutes as Democrats called for AI regulation, noting that figure matches the entire market cap of crypto.Bull Theory posted that the U.S. Treasury injected $114 billion into the financial system over the past 10 days as its Treasury General Account balance fell, noting more cash in the banking system has historically supported markets, a tailwind that didn’t prevent Thursday’s drop.Where BTC, ETH and XRP Stand TechnicallyBitcoin fell roughly 5%, testing its 200-day EMA near $76,497, with RSI near 40 signaling weak momentum.Support: $75,500Resistance: $77,758, then $79,500 to $80,000Ethereum slid about 6%, falling below all four major EMAs.Support: $2,235, then $2,200 to $2,170Resistance: bulls need to reclaim $2,315 to $2,350 before challenging $2,403XRP dropped roughly 4%, slipping back inside its descending channel and below all four major EMAs.Support: $1.24, then $1.20Resistance: $1.30 to $1.33Preview Image: Shutterstock