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FTX Drama under the microscope: 3 powerful tips from Elon Musk

One of the biggest influencers in crypto, Elon Musk, participated in a Twitter Space to discuss the situation at FTX. More than 954,000 listeners tuned in to hear the clear and blunt comments of the new Twitter boss.

WANT editor Robert Kroes tells you all about the situation.

Elon Musk gives crypto advice

In the Space, he gave the advice we often hear now, which is to take crypto off the exchange as soon as possible and keep it in a cold wallet (wallet without internet contact). In doing so, he explained that he expects a large number of crypto to disappear because of this scandal. Indeed, he was – certainly for his part – extremely cautious.

Elon Musk literally said, “I think there is probably a future for Bitcoin, Ethereum, and DOGE. I can’t really speak to the others. But if you’ve got one of those three in a cold wallet, and off an exchange, I think my guess is it works out well”.

Following Elon Musk’s mention of these coins, the prices of Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE) initially rose, but we can now see in the overview of live cryptocurrencies that this rise was temporary.

Bitcoin crypto cryptocoins cryptocurrencyCrypto (Image: Pexels / Karolina Grabowska)

Elon Musk adamant about Sam Bankman-Fried: bullsh*t

Musk also shared his experience with former FTX top executive Sam Bankman-Fried (SBF for short). He says he did not know him initially, but spoke to him for half an hour in April 2022. This was because he heard that SBF, a billionaire at the time, would like to invest in the acquisition of Twitter.

That investment didn’t materialize, and Elon Musk was clear why he dismissed SBF: “To be honest, I’d never heard of him,” Musk said during the Twitter Space. “But then I got a ton of people telling me he’s got, you know, huge amounts of money that he wants to invest in the Twitter deal. And I talked to him for about half an hour. And I know my bulls-t meter was redlining. It was like, this dude is bulls-t – that was my impression,”

By the way, more experts are making predictions.

Experts expect these crypto to recover fastest after FTX drama

Based on technical analysis and buy data, experts with financial analysis try to estimate which crypto can recover the fastest from the price drop after the FTX bankruptcy and could generate big returns in 2023. They made the following top 10.

Dash 2 Trade (D2T)
Calvaria (RIA)
IMPT.io (IMPT)
Tamadoge (TAMA)
Chiliz (CHZ)
Stellar (XLM)
Polygon (MATIC)
Solana (SOL)
Cardano (ADA)
Avalanche (AVAX)

As you can see, this listing is quite similar to the crypto that we previously signaled were identified as crypto opportunities after Reddit research. Still, we are very skeptical. After all, there is no telling yet how big a trail of destruction the bankruptcy of FTX will leave behind.

For example, the share price of one of the “contenders,” Solana (SOL) has been under pressure since the start of FTX’s perils because the platform allegedly has close ties to the currency. Whether this means we are seeing the buy of the century or a harbinger of further collapse is impossible to say. Therefore, we cannot be too cautious.

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You can always follow the developments yourself with our WANT analyses and overviews. Of course, you can also follow BTC and live cryptocurrencies 24 hours a day if you want to stay updated in real time.

Note: We never give financial advice, so you can’t interpret our contributions that way either. Always do your own research and decide rationally if, when, what and how much you want to invest.

Source: International Business Times and Techreport.com