It’s no longer news that the cryptocurrency markets, just like the global stock market, are currently in a terrible condition, leaving trader aghast over the last few days.
There was a complete bloodbath in the crypto markets yesterday, as Bitcoin traded as low as $3.7k. Alongside Bitcoin were other coins, including the second most valuable cryptocurrency, Ethereum (ETH).
After four days of consolidation above $200 support level, Ether price sank to the low of $139, prompting more sell-off to the extent of lost 43% on the day, which is assumed to be its worst performance ever.
Nouriel Hits ETH And Ethereum Devs
Amid Ether’s market turbulence, Nouriel Roubini, a Nobel-winning economist and crypto critic took to his Twitter handle earlier today to relay a huge level of dismay for ETH and the entire developers behind the cryptocurrency.
Nouriel bashed on the Ether, calling it a “shitcoin.” He said that the cryptocurrency has no equilibrium value (i.e., it is equal to zero), and it could end up reaching this point amid the full-blown bear market. He further claimed that Ethereum Devs (which he called scammers) are now trying to save the ETH by manipulating it.
“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 prevent it from going to its equilibrium value, i.e., ZERO!”
This is not the first time Roubini has bashed a cryptocurrency. In July last year, he went as far as calling Bitcoin and the entire cryptocurrency industry a total scam and the worst of bubbles. He also said that cryptos would be replaced totally by Central Bank Digital Currencies (CBDCs).
Ethereum faces delayed confirmation time
Coinfomania reported on March 12 that the Ethereum network underwent some sort of stress that made users wait much longer for their transactions to be processed, following the whole situation with the cryptocurrency market.
The average transaction confirmation time for the Ethereum network reached up to 2680 seconds (44 minutes) and also 1223 secs (20 min), according to data from Etherscan.