Citron Analysis has tweeted that it stays bearish on Ethereum (ETH)
Citron Analysis has tweeted that it stays bearish on Ethereum (ETH), the second-largest cryptocurrency.
It believes that the $130 billion token has as many “widespread sense flaws” as failed alternate FTX.
Talking of the continued cryptocurrency disaster, Citron says that it has reignited its flame for short-selling. It believes that there are lots of shares which can be elevated on the misunderstanding that “another person did the homework.”
The infamous analysis agency doesn’t appear to have a lot sympathy for the victims of the FTX fiasco. “As for the victims, or account holders, you wished decentralized, you bought decentralized. What did you assume if you ship your cash to the Bahamas?” it tweeted.
As reported by U.Today, Citron Analysis founder Andrew Left, who’s often known as one of the well-known short-sellers on the planet, slammed cryptocurrencies as “full fraud.”
In 2017, Left took goal at Grayscale’s Bitcoin Belief, criticizing its “ridiculous” valuation.
Nevertheless, Citron Analysis warmed as much as Bitcoin, arguing that it might carry out as an ideal inflation hedge.
Citron Analysis turned a serious identify in 2015 after making a profitable guess in opposition to Valeant Prescribed drugs. It came upon that the world-famous drug firm was inflating its income with the assistance of specialty pharmacies.
Final yr, Citron additionally began making headlines after turning into a part of the GameStop saga.