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Why Major Cryptocurrencies Wilted on Wednesday

On Wednesday, there was a distinct stumbling-near-the-finish-line quality to the crypto market. Although the Federal Reserve's rate cut announced that day was welcome, if expected, speculation about future slices wasn't as encouraging. Bitcoin (CRYPTO: BTC), which vaulted above the $100,000 price level recently and seems determined to stay there, nevertheless was down by almost 5% as of 4 p.m. ET.

Bitcoin Is No Manhattan Real Estate, Peter Schiff Challenges MicroStrategy's Micheal Saylor: 'BTC Doesn't Generate Any Income'

Financial market commentator Peter Schiff on Tuesday criticized Michael Saylor’s comparison of MicroStrategy Inc.‘s (NASDAQ:MSTR) debt-financed Bitcoin (CRYPTO: BTC) buying strategy to Manhattan real estate. What Happened: In an X post, Schiff disagreed with Saylor’s analogy. “Real estate generates rents, which can be used to service and repay debt. Bitcoin doesn’t generate any income to make interest or principal payments,” he argued. It's wrong for @saylor to compare his leveraged buying of #B