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Bitcoin [BTC]: Nouriel Roubini connects the fall of ‘criminal ICOs’ to the fall in BTC and ETH prices

Akash Anand

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Bitcoin [BTC]: Nouriel Roubini connects the fall of 'criminal ICOs' to the fall in BTC and ETH prices
Source: Pixabay

The cryptocurrency market has had its fair share of proponents and naysayers who have spoken about major coins. Nouriel Roubini aka Dr. Doom is one such cryptocurrency critic who has previously called Bitcoin ‘crap’ and compared Ethereum Co-founder Vitalik Buterin to North Korean dictator Kim Jong–un.

In his latest tweet, Roubini cited a study that attacked ICOs and connected the shady functions of ICOs to the prices of Bitcoin and Ethereum. Roubini’s tweet read,

“81 percent of all ICOs were scams in the first place according to a reputable study. So it is no wonder that their price was highly correlated with that of BTC or ETH once the crypto bubble went bust in 2018. That price correlation confirms that they were mostly criminal scams.”

The study quoted by Roubini stated that ICOs were ‘fundamentally different but highly correlated.’ The study said,

“There are two interpretations of this pattern. The benign one is that the ICO market is still in its infancy and will need to mature. When ICOs grow up, we might expect them to be seen as very distant relatives of Bitcoin or Ethereum and to be priced according to their own merit. The alternative is that ICOs were just one of the children of the hype and are likely to share the fate of major cryptocurrencies.”

Roubini’s tussle with the cryptocurrency market has been ongoing since its inception, with Roubini being one of the first people to label it a ‘scam’ and a ‘fraud.’ He also commented on the 2017 Bitcoin bubble, labeling it the mother and father of all bubbles. The economist who shot to fame after he was one of the first people to predict the 2008 financial recession attacked Bitcoin’s underlying technology and lack of fundamental value.





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Analysis

LocalBitcoins see steady trading volume in Russian Ruble following cash-trades exodus

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LocalBitcoins see steady trading volume in Russian Rouble following cash-trades exodus
Source: Unsplash

LocalBitcoins, the Finland-based peer to peer cryptocurrency exchange, announced earlier this month that trading in a country’s national fiat currency will be disallowed, leading many in the community to believe that countries not on the frontlines of the digital asset world would be hit the hardest. Three weeks on, some defiant trends have been noticed.

According to CoinDance, the weekly LocalBitcoins chart revealed that the Russian Ruble [RUB] recorded towering volumes, even after the June 1 cash-exodus announcement. With many expecting a drop in volume, other top countries have also seen the absence of an immediate plummet, with Moscow being the stand-out.

The first week of June saw a notable high of RUB 1,174 million in volume owing to the native currency, while the aftershock of the announcement dropped the same down by to RUB 1,104 million by the second week. The next two weeks saw the volume surge back to its May 2019 heights, with the week beginning on June 22 recording a volume of RUB 1,188 million in volume.

Source: CoinDance

On the basis of the above data, Russia is indeed a positive LocalBitcoins market.

The Finnish exchange has also been popular in South America, with its weekly volumes doing exceedingly well in the markets of Colombia, Venezuela, Peru, Chile, and Argentina, with Brazil, the only Latin American country left-out.

Buenos Aries saw its weekly volume from the initial weeks of June to mid-June drop from $13.71 million to $10.53 million, following the cash-removal announcement. In terms of the Colombian Peso, CoinDance stated that the number for the same was $9.98 billion towards the close of May 2018, and dropped to $7.16 billion by the first week of June. However, the same has since stabilized to stand at $9.2 billion.

LocalBitcoins began mulling the possibility of phasing out fiat currency trades following its inclusion under the supervision of Finland’s financial watchdog, the Financial Supervisory Authority [FSA] in March 2019. This inclusion was made days after Finnish legislators stated that cryptocurrency-based assets would be given legal status under the law. However, the act will officially come into force later in November 2019.

Additionally, several changes were made to the country’s Anti Money Laundering [AML] laws and Countering Financial Terrorism Act [CTF], which would require the exchange to follow the stated guidelines.

 





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