For traders feeling the effects of the bear market in cryptocurrencies, Vitalik Buterin, the co-founder of Ethereum, has some sage advice: Focus on technology rather than price, as reported by Cointelegraph.
According to Cointelegraph, the recommendation was made by the Ethereum co-founder in response to a post by self-described cryptocurrency investor CoinMamba on Dec. 3, echoing how many cryptocurrency investors are probably feeling right now.
Since the FTX collapse and subsequent contagion, which recently claimed the BlockFi cryptocurrency exchange, the cryptocurrency industry has continued to be awash in unpleasant news.
Ankr, a decentralized finance (DeFi) protocol powered by the BNB Chain, recently acknowledged being the target of a multi-billion 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 cryptocurrency industry.
He described FTX's collapse as a "great tragedy" but added that the fault lay with people, not technology, and that the technology underlying distributed ledgers and the crypto asset economy was still in place and was steady.
(With information from Cointelegraph)
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