Home
News
- A Nobel-winning economist Nauriel Roubini in his latest tweets pointed to the bitcoin lovers that the flagship of the coin was dropped by more than 8% on a day.
- He penned that at the end of the day Bitcoin fall at 8% which is much more than the global equities.
- According to the experts, this downtrend is very likely to continue since Bitcoin was in a bearish market territory.
A Nobel-winning economist Nauriel Roubini in his latest tweets pointed to the bitcoin lovers that the flagship of the coin was dropped by more than 8% on a day.
As it was presumed that Bitcoin will be a safe-haven for the investors during the economic crisis, the situation became exactly inverse to it. Resulting in the worst performance of bitcoin throughout the day.
According to Roubini’s tweet
The prominent economist tweeted pointing the poor performance of Bitcoin. He penned that at the end of the day Bitcoin fall at 8% which is much more than the global equities. This proves that Bitcoin is not a good hedge vs risky assets at the time of possible risks.
Adding to that he said, Bitcoin actually tumbled more than the risky assets during the risk-off. Thus, it proves that Bitcoin is a so-called “shitcoin” hedge in the risk-off cases.
In the meanwhile Bitcoin is down 8% in the last day, much more than global equities. Another proof that Bitcoin is NOT a good hedge vs risky assets in risk-off episodes. It actually falls more than risky assets during risk-off. So BTC is a shitty shitcoin hedge in risk-off cases
— Nouriel Roubini (@Nouriel) March 9, 2020
Reason for Bitcoin’s downfall
According to reports, the Bitcoin was on cloud nine on March 8 which was in connection with the PlusToken scammers clearing another batch of stolen coins on the currency market. As a result of which the top crypto player toppled below the $8000 level and reached an intraday low of $7,689.
According to the experts, this downtrend is very likely to continue since Bitcoin was in a bearish market territory.
Bitcoin lovers have always believed that the top coin will flourish during the next economic crisis. Basically, the Bitcoin’s white paper was published a few days back after the biggest bankruptcy in US history, the Lehman Brothers scam.
After Saudi Arabia opened the spigot to increase its daily output of more than 10 milliliters barrels, the price of oil decreased by more than 30%.
The market was already in the poor status due to coronavirus outbursts, after the aforementioned news the global equity market got almost clobbered.
