The crypto market is getting hammered, BTC USD slips to the devilishly symbolic $66,000 level following fresh geopolitical turmoil in the Middle East. Right on cue, Peter Schiff has returned to tell everyone Bitcoin is doomed. Some things never change.
The latest selloff comes as US spot Bitcoin ETFs continue bleeding capital. Funds have recorded $1.67 billion in weekly outflows, with recent totals exceeding $4 billion over the past few weeks.
That’s becoming one of the biggest obstacles for BTC right now. Institutions appear to be rotating into AI stocks, defense names, energy plays, or simply parking cash in high-yield Treasuries while market uncertainty grows. Buffett himself said that he is sitting on a pile of cash, as markets are getting way closer to a casino environment.
Still, Bitcoin has visited the $66K region several times this year. Each previous test attracted buyers and was followed by a rebound toward $70,000 and beyond.
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Iran Escalation Sends BTC USD to $66K, Peter Schiff A Happy Man
The decline accelerated after Iran reportedly launched missiles and drones toward targets in Kuwait and Bahrain, damaging infrastructure and disrupting flights. US Central Command intercepted part of the attack as tensions with Washington rose following the collapse of recent peace discussions.
Markets reacted exactly as expected. Oil moved higher, investors sought safety, and risk assets found themselves first in line for selling pressure.
Peter Schiff, Bitcoin’s longest-running critic, wasted little time making fresh bearish predictions. According to Schiff, a breakdown of major support could eventually send BTC below $50,000 and even under $20,000.
His warnings generate headlines every cycle, though critics point out he’s been calling for Bitcoin’s collapse for well over a decade while the asset has repeatedly recovered from far worse drawdowns.
In Contrast, Coinbase CEO Brian Armstrong has reportedly described the current selloff as temporary, maintaining his long-term bullish view that Bitcoin could eventually reach seven figures.
BREAKING: Coinbase CEO Brian Armstrong says people without at least 5% exposure to Bitcoin could “regret it” by the end of the decade.
He believes $BTC could reach $1,000,000 by 2030 as institutional adoption, ETFs, and global demand continue accelerating.
The biggest risk… pic.twitter.com/kbN0uFyNDM
— Bitcoin professor (@Bitcoinprof0637) June 2, 2026
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Trump, Iran, and Market Uncertainty
Geopolitical tensions remain the dominant story. President Trump dismissed reports claiming the US and Iran have stopped communicating, calling them “fake news.”
Although the peace agreement that emerges remains unclear. If tensions continue to escalate, crypto could face additional volatility alongside equities and other risk assets. Even with stocks doing great, breaching all-time high after all-time high.
One noticeable trend during the latest panic has been increased demand for stablecoins and digital dollars as crypto holders seek shelter without fully leaving the crypto ecosystem.
In reality, Bitcoin at $66K feels ugly. The markets are reminding everyone they’re markets.
ETF outflows, geopolitical risk, and recession fears are creating a difficult setup at the moment. But Bitcoin has survived wars, banking crises, exchange collapses, pandemics, and countless eulogies written by its critics.
The near-term outlook remains volatile, but Bitcoin continues attracting adoption faster than fear drives investors away. I’m bullish.
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The post Crypto News, June 3: BTC USD Evil Number at $66K, Peter Schiff Calls for $20K, Geopolitical Fear Porn Everywhere appeared first on Cryptonews.
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