Gavin Wood, co-founder of Ethereum, the world’s second largest cryptocurrency after bitcoin, has advised crypto investors to be more aware of the basis of the crypto they are investing in. Wood has given this advice at a time when investors have lost more than $ 800 billion due to the huge fall in the crypto market in the last few months.
“I would like people to pay more attention to the cryptocurrency they are investing in, the community, the ecosystem or the community,” Arach Wood told Reuters news agency, attending the World Economic Forum (WEF) in Davos, Switzerland. What is the economy?
The cryptocurrency market has seen a sharp decline this year after rising inflation around the world and central banks announcing measures to pull money from the market. Cryptocurrencies are considered a risky asset.
In such a situation, investors are selling it and investing their money in some other safe option. The crash of the crypto market started in April, since then its market value has decreased by billions of dollars.
During this fall, the value of Luna, the world’s eighth largest cryptocurrency, has almost come to zero and all investors who have invested in it have lost their money.
“Actually, there is no concept of legal recognition in the Internet world because legal recognition is given by a sovereign country,” Wood said.”Technology can’t stop people from making mistakes, but it can help those who want to understand the facts better before buying anything,” he said.
The cryptocurrency has seen a sharp decline in recent weeks. The price of bitcoin fell by 17% in April and has fallen by more than 20% in May so far. At the same time, the price of Ethereum has fallen by about 29 percent in the month of May so far, while in the month of April it had fallen by about 20 percent.