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Nouriel Roubini Gloats Over 50% Bitcoin Crash as Investors Fear New Crypto Winter

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Tue, 01/25/2022 - 14:35
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Yuri Molchan
Prominent Bitcoin critic Dr. Doom, who gloats over the 50% Bitcoin crash, stated that many altcoins have fallen by almost 90%
Nouriel Roubini Gloats Over 50% Bitcoin Crash as Investors Fear New Crypto Winter
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Nouriel Roubini, a big-name Bitcoin hater, has shared a CNBC article about investors' fears regarding the chances of another crypto winter coming.

Making a spiteful comment on that, he added that plenty of "s-coins" have fallen by almost 90% as well. Just recently, Roubini, also known as Dr. Doom, called for impeaching El Salvador president Nayib Bukele since he has forced the country's citizens to begin using and mining BTC.

Bitcoin down to its lowest since July

As the leading cryptocurrency has faced a flash crash to the $33,000 level after a series of price falls from the November historic peak near the $69,000 level, many smaller cryptocurrencies plunged as well. The Bitcoin price fall below $33,000 took BTC back to its lowest price mark since July 2021.

By now, however, Bitcoin has managed to climb back to the $36,413 level. But that is still around 50% below the November all-time high.

This has caused the cryptocurrency market to shrink by more than a whopping $1 trillion since Bitcoin came close to $69,000 in November. Following BTC, Ethereum also went down deep, hitting $2,172 per coin on Monday.

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Fears of new crypto winter rise; "time to solve real problems": David Markus

This has led many investors to believe that another crypto winter might be on the horizon. The previous one came out of the blue in January 2018, when BTC collapsed 80%, falling hard from its $20,000 historic peak.

Among these investors is David Marcus, a former chief of crypto at Meta (Facebook's parent company). He reckons that the crypto winter is here already and it is the perfect time to build companies that solve real problems and not just pump tokens.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.