For traders feeling the effects of the bear market in cryptocurrencies, Vitalik Buterin, the co-founder of Ethereum, has some wise words of advice: concentrate on the technology rather than the price, as reported by Cointelegraph.
According to Cointelegraph, the recommendation was made by the co-founder of Ethereum in response to a post from self-described cryptocurrency investor CoinMamba on December 3, echoing how many cryptocurrency investors are probably feeling right now.
Since the collapse of FTX and the ensuing contagion, which recently claimed cryptocurrency exchange BlockFi, the crypto industry has continued to be deluged with unsavoury news.
Ankr, a decentralised finance (DeFi) protocol powered by BNB Chain, recently acknowledged being the target of a multimillion-dollar exploit on December 1.
In an interview with Bloomberg in November, Buterin said that the failure of the FTX cryptocurrency exchange had lessons for the entire crypto industry.
He described the FTX collapse as a “huge tragedy” but added that people were to blame, not technology, and that the technology underlying distributed ledgers and the crypto asset economy was still in place and stable.
(With insights from Cointelegraph)
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