'Dr. Doom' Nouriel Roubini is having a field day. Apart from the crashing stock market, the price of Bitcoin (BTC) recently dropped more than 25 percent in a span of just one hour.
Not surprisingly, Roubini has already taken a victory lap on Twitter, claiming that the flagship cryptocurrency has absolutely zero hedge value.
Bitcoin has a very, very bad day
If Bitcoin doesn't miraculously rebound before today's close, this capitulation will happen even faster than it did in December 2018. More than $665 mln worth of longs have been liquidated on the BitMEX exchange alone.
BTC reached an intraday low of $5,568, briefly touching its weekly 200-day moving average, which is arguably the most important support level.
As Roubini points out, the top coin has lost 33 percent of its value over the last month. Hence, the presumed "safe haven" faired even worse than the Dow.
Some altcoins are doing even worse
Roubini also slammed altcoins, the vast majority of which are currently down more than 98 percent of their all-time highs.
The Chainlink (LINK) cryptocurrency, which was one of the worst performers during yesterday's rout, is now down by an eye-popping 41 percent and has slipped into 14th place.
However, Bitcoin SV (BSV) is actually leading the loserboard in the top 20 with an epic 44 percent slide.
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