Investors and traders are on the alert after the FTX crash that rocked the cryptocurrency market. “Do not invest in non-Bitcoin cryptocurrencies,” says Ross Stevens of NYDIG. Stevens also says that NYDIG has consistently squandered opportunities to partner with FTX as well as Three Arrows, BlockFi, Celsius and the like.
Why didn’t NYDIG invest in FTX, 3A Capital or Celsius?
cryptocoin.com The effects of the dramatic collapse of the crypto exchange FTX still continue. Investors and traders’ distrust of stock markets creates serious problems for the market. In addition, major altcoins like Solana are also affected, ‘Which cryptos to invest in?’ raises the question. Ross Stevens, founder and Chairman of NYDIG, explains why his company has not invested in the now bankrupt cryptocurrency exchange FTX.
Life is too short to do anything but partner with people you love, trust, and would be fiercely proud to be in a trench with bullets flying.
Ross Stevens wrote an article titled ‘Through the Looking Glass’ on the subject. He notes a series of red flags that have caused NYDIG to seize countless ‘opportunities’ over the years to ‘partner’ not only with FTX but also with failed platforms such as Three Arrows Capital, Celsius Network and others. From this point of view, Stevens underlines the following:
When you can’t satisfy yourself with simple answers to simple questions like “how do you make money”, don’t walk away, run.
“I do not recommend crypto money other than Bitcoin”
Stevens says NYDIG will remain a Bitcoin company. He advises his readers not to invest in crypto other than Bitcoin or in decentralized finance (DeFi) based on the Bitcoin Blockchain. In this context, Stevens makes the following statement:
Bitcoin cares as much about former FTX CEO Sam Bankman-Fried or Binance CEO Changpeng Zhao or me or you as gravity. A new Bitcoin block is generated every 10 minutes. Every 10 minutes. Every 10 minutes.
The FTX collapse naturally also significantly affected the leading crypto Bitcoin. Bitcoin, while gathering strength above $ 20 thousand, suddenly saw below $ 16 thousand. Although he recovered a little later, he has not yet made up for his losses. Leading crypto was trading at $16,784, down 3.17% on a daily basis, according to data from CoinMarketCap at press time. Bitcoin reached an all-time high of $69,000 about a year ago. Currently, it is 75.6% away from its peak.
