- Peter Brandt warns of hype-driven risks in silver market.
- Silver price drops 14.16% in one day.
- Comex trading volume reflects potential miners’ hedging.
Trader Peter Brandt, known for predicting the 2018 Bitcoin crash, warned of silver risks before its 14.16% price drop, the second largest since ‘Silver Thursday’ in 1980.
This incident highlights potential oversupply in the silver market, driven by miners hedging at high prices, and underlines hype-driven volatility affecting both traditional and crypto markets.
Peter Brandt’s Warning and Its Immediate Effects
Peter Brandt issued a warning about the risks associated with the hype-driven surge in silver prices. Yesterday’s data highlighted a significant plunge in silver value, with a daily drop of 14.16%. Notably, Comex trading volume reached 4.3 billion ounces. Brandt asserted that such volumes often indicate miners’ strategic hedging rather than purely demand-driven market movements.
This significant trading volume highlights the possibility that miners are locking in profits at elevated prices. This approach could lead to an oversupply, potentially stabilizing or even reducing prices in the future.
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“Brandt’s analysis references silver’s 1980 spike… mirroring gold’s 50-60% plunge by 1982 amid inflation/Fed hikes.” — Peter Brandt, Veteran Trader
Historical Data and Insights: Silver and Monero Trends
Did you know? The Comex trading volume reaching 4.3 billion ounces reflects 5.2 years of global silver production, indicating considerable speculation akin to past historical events.
Monero (XMR) trades around $436.73 with a market cap of $8.06 billion and controls 0.29% of the market as per CoinMarketCap. Despite recent fluctuations indicating a 6.76% decline over 24 hours, XMR shows a positive trend with a 25.36% increase over 90 days, registering a 31.71% increase in 24-hour trading volume.
From the Coincu research team, current market metrics suggest that while speculative elements abound, prudent strategies could buffer financial impacts. Historically, similar volume surges aligned with subsequent market corrections, emphasizing the need for carefully monitored regulatory oversight and technological innovation in monitoring activities.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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