Nouriel Roubini, Dr. Doom, Gloats Over Bitcoin Decline
As Bitcoin's price unravels with no bottom in sight, doom-predictions are in vogue again.
Nouriel Roubini, D-r Doom, has been somehow vindicated in calling Bitcoin a bubble, now that the price has deflated from a peak of nearly $20,000.
With panicked selling seizing the markets and no bottom in sight, Roubini was preparing to deliver some final blows to Bitcoin, in case a recovery never happened:
Bitcoin is the biggest bubble in human history: much bigger than the Mississippi, South Sea, Tech & Tulip bubbles. The Mother Of All Bubbles is now crashing: down 60% from its December peak & still crashing. Will discuss it today with @tomkeene on @BloombergTV from 6am to 7am EST pic.twitter.com/WStGJiRySe— Nouriel Roubini (@Nouriel) 2 лютого 2018 р.
At the moment, increased trading activity is shaking up Bitcoin. Trading against Tethers has doubled overnight, and Japanese Yen pairings are seeing peak volumes for the past three months, as the market rearranges its forces. The Bitcoin futures have also slid to lower levels.
Yet this time, the drop of Bitcoin is happening in an entirely different climate. Technologically, the world of cryptocurrencies is getting more advanced. More projects are gaining insight into governance, and there is more understanding of use cases for blockchain transactions.
It is precisely at this point of falling prices that the hard questions about Bitcoin's value were answered:
At the same time, altcoins are continuing to fulfill their promises for 2018, despite some being up to 50% away from their heights.
The market has had a similar slide from September onward, when altcoins slid for months to all-time lows, before taking off, in some cases growing 10-fold before a correction.
Some of the events of the past months were unprecedented both in value, and in scale. Beyond the price rise, Bitcoin saw stress tests in the form of hard forks of varying quality. Then, in December, a lot of new digital assets outright made claims on displacing Bitcoin, and trading lifted previously unknown coins to heights against the BTC price.
What About Bitcoin Cash?
At this point, Bitcoin Cash has moved into a phase where it is trying to forge a fate of its own, solving technological challenges. But right now, the market price threatens to slide below $1,000 for the first time in months, despite expectations that it would soon command prices close to those of BTC.
But the drop of Bitcoin Cash has gained very little attention, compared to the general tone about Bitcoin.