u.today
If there is one thing that Bitcoin (BTC) maximalists and Nobel-winning economist Nouriel Roubini have in common, it’s certainly their disdain for Ethereum (ETH).
In his recent tweet, 'Dr. Doom' didn’t show any mercy for the largest altcoin, claiming that its equilibrium value is, in fact, zero.
ETH, the second largest shitcoin, is now down 55% from its mid-February peak, and 91% down from its all time peak. And now the scammers leading it are desperately trying to manipulate its value to preventing it from going to its equilibrium value, i.e. ZERO!
— Nouriel Roubini (@Nouriel) March 13, 2020
One day can make a world of difference
On March 12, which will go down in history books as one of the bloodiest days for global markets, cryptocurrencies got absolutely hammered with Bitcoin and Ethereum both shedding more than 30 percent of their prices in practically no time.
Ethereum (ETH), which is currently changing hands at just $120, just had the worst day in its entire history.
As of now, the second-biggest cryptocurrency is down more than 55 percent from its 2020 high of $283 that it reached just a month ago.
Roubini says that Ethereum (ETH) could go to $0
Since it’s now clear that this is a full-blown bear market, not just a bump in the road, many believe that the carnage will continue. Roubini, however, claims that the coin’s fair value is zero, and it only stays above zero because of manipulations.
The recent crash underscored the fragility of decentralized finance applications that were supposed to revive the altcoin’s luster. MakeDAO, the cornerstone of the DeFi ecosystem, was on the verge of an emergency shutdown after the historic price collapse.