Litecoin price analysis: LTC/USD crashes to $144.50; Roubini says we are going back to stone age with cryptos
|- Litecoin breaks below an important support level.
- Dr. Doom believes that cryptocurrencies create chaos in payments.
Litecoin bulls stopped short of $160.00 resistance on Wednesday, retreating well below $150.00. The sixth largest coin with market value $8.3B is trading at $148.00 at the time of writing after dipping as low as $144.50 during early Asian hours. LTC/USD is down 3% since the start o the day. The coin has lost 18% of its value from the recent peak reached at $178.00 on May 6.
Meanwhile, crypto critics go on piling on their criticism of digital assets, promising all types of disasters and nightmares and degradation. Nouriel Roubini, known as Mr. Doom for his gloomy but still correct predictions of the financial crisis, warned that cryptocurrencies push the payments world back to the stone age and cause chaos.
"It's totally inefficient. It's never going to work," Roubini said Thursday at the Fluidity Summit in Brooklyn. "You are going to the world of the Flintstones to buy any good you have to exchange, you go back to the Stone Age of bartering."
He supports the idea of digital payments through apps such as Alipay, Venmo, PayPal, and Square, but dismisses the role of blockchain and cryptocurrencies in the future of finance.
"I'm affirmative on that significant disruption, but most of this has nothing to do with blockchain, nothing to do with cryptocurrency," he added.
Litecoin is touted as the coin for everyday life and routing payments for a preverbal cup of coffee. LTC enthusiasts and #PaywithLitecoin movement celebrate each retailer announcement of accepting Litecoin.
Sure enough, Roubini's position has little to do with Litecoin's decline; it just stresses the gap between the two worlds of mainstream finance and nascent crypto industry.
LTC/USD, the daily chart
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