The current bear market has called in various projections for the market performance in the coming days.
Ethereum which is the second-largest cryptocurrency by market capitalization has been bearish for a while now and some experts anticipate it to continue in the coming days.
Citron Research, was one of the most renowned activist short-selling firms since its establishment in 2001 and was highly popular for its bearish research report. In January 2021, it announced it would not produce any reports further. However, its tweet on Ethereum dated November 15, is currently trending on Twitter.
The firm has anticipated for Ethereum to remain bearish in the coming days and has also drawn similarities between Ethereum and the allegedly failed exchange FTX. The tweet suggests that the Ethereum token worth $130 billion has many “common sense flaws”.
Keeping in view the current market chaos, the firm says that its desire to be involved in short-selling has increased even more. Further, the firm brought in the topic of the stock market wherein many stocks rise based on the assumption that someone else is behind the cause.
The short-selling firm in its tweet didn’t seem to have sympathy for the people on the losing edge following the exchange’s collapse and seems to have mocked them. It says that the people wanted decentralization, they got it, hence pointing to the sole accountability on the individual’s part.
Andrew Left, founder of the firm is one of the most popular short-sellers in the world and has been known for its anti-crypto stance. Earlier this year, in a media interaction with a publishing house he even termed the cryptocurrencies to be “complete fraud” and in 2017, he trolled a crypto firm and called its valuation ridiculous.
However, the firm acknowledged the scope of Bitcoin and called it a perfect inflation hedge, a view that has been upvoted by a lot of dignitaries.