Yesterday will be remembered as one of the most terrifying for the global economy, or at least for cryptocurrencies. Especially after Bitcoin fell more than 30% in just a few hours. However, altcoins followed that trend, the main one being Ethereum. So economist Nouriel Roubini issued some troubling statements.
Roubini crushed ETH
Ethereum’s price, as we saw, endured its worst day in quite some time, but Roubini thinks the butchery is far from over. And it is that for no one it is a secret that the winner of the Nobel detest Ethereum.
In his recent tweet, ‘Dr. Doom ‘showed no mercy for Ethereum, claiming that its equilibrium value is, in fact, zero. He even ranked it as the second “biggest shitcoin,” adding that it is down 55% from its mid-February peak and 91% from its usual peak.
Additionally, Roubini called scammers who lead his trading and exchange, and accused them of desperately trying to manipulate the value of Ethereum to prevent it from reaching its value: $ 0. What, according to him, is its equilibrium value.
What can we understand from the contrast between what Roubini said and Ethereum market trends?
Certainly, it is now clear that this is a bear market and not just a bump in the road. There are even those who support what Roubini said about the butchery that has not yet ended.
The recent event underscored the fragility of decentralized financial apps that were supposed to revive Ethereum’s brilliance. For example, MakerDAO, the cornerstone of the DeFi ecosystem, was on the verge of an emergency shutdown after the historic price collapse.
However, what many question about the Roubini claims is that Ethereum fair value is zero and that it is only kept above zero due to manipulations. Only time will tell how the price variations of this cryptocurrency develop.
Meanwhile, if you want to form your own opinion about it, we invite you to evaluate the charts of fluctuations in the price of Bitcoin and the influence that has on other cryptocurrencies.
Also, you can compare this with the development of global markets, as this could give you an idea of what is happening at a general level with the economy and decide if it is time to invest in cryptocurrencies or wait for more stability.