On November 14, the cryptocurrency market saw a massive price drop with almost all the coins bleeding profusely. Bitcoin [BTC], the largest cryptocurrency, broke all of its immediate price supports and fell to its lowest price since October 2017. Other cryptocurrencies like Ethereum [ETH] and XRP were also affected by the bear maul, which also resulted in XRP taking over ETH in terms of market cap.
The crash was also brought into focus by Nouriel Roubini, one of the economists who predicted the 2008 financial crash and a critic of Bitcoin. After the crash, Roubini stated:
“I could gloat about Bitcoin collapsing 10% in a day to $5700. But that is still some way to ZERO where Bitcoin belongs. Actually since Bitcoin is The Mother of All Toxic Pollutions & Environmental Disasters its true fair value is highly NEGATIVE with the right externality tax.”
The crash brought the price of Bitcoin below the $6000 support, which was called the Bitcoin bottom by a lot of financial analysts. The bear maul also lowered the cryptocurrency’s market cap below the long-standing $100 billion mark. Roubini’s comments come in the wake of targeted attacks not just against Bitcoin but also against Monero [XMR] and Ethereum [ETH].
The economist had stated that Monero will not last in the market and the Federal Bureau of Investigation [FBI] will crack down on the cryptocurrency. He had said:
“So much for privacy, anonymity & censorship resistance: there is NO anonymity in crypto. Law enforcement authorities prefer transactions on crypto because it is easier to trace transactions & who is behind them than in banks. Wake up crypto zealots. & Feds will crack Monero too.”
Nourini’s comments did not just stop there, as he went to call HODLers “suckers and BagHolders”. Earlier, he had compared the Ethereum blockchain to North Korea and its co-founder Vitalik Buterin as its leader. In his words:
“There’s a lot of talk about decentralization: Miners are centralized as an oligopoly, coders are centralized, exchanges are centralized — as 99 percent of all transactions occur on a centralized exchange — and there’s a massive concentration of wealth. This is worse than North Korea in terms of income and wealth inequality”
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