Crypto king Barry Silbert is bearish on 99 percent of cryptocurrencies
Digital Currency Group CEO Barry Silbert has revealed his bearish views on the market in a series of recent tweets, claiming that 99 percent of cryptocurrencies are “overpriced.”
Prior to that, the crypto king disclosed that he was long the Cboe Volatility Index (VIX Index).
Silbert has mentioned “investor complacency,” “speculative excess,” and the lack of trust in the U.S. Federal Reserve are among the things that could spark “macro fireworks.”
The S&P 500 index hit yet another all-time high last week amid concerns surrounding recent inflation data.
Bitcoin managed to reclaim the $40,000 level earlier today after billionaire Paul Tudor Jones said that he’s willing to go “all in” on inflation trades if the Fed doesn’t do anything about growing consumer prices.
The total crypto market is currently sitting at $1.28 trillion.