Future of cryptocurrency in the balance as bitcoin prices plummet

Despite these alarming figures and trends, about 46 million Americans — nearly 17% of the adult population — own the original cryptocurrency bitcoin, according to a survey by the New York Digital Investment Group. — Photo by André François McKenzie on Unsplash

Investors around the world are questioning the future of cryptocurrency as federal regulators attempt to rein in the industry and prices continue to drop, begging the question: Where is crypto headed?

In recent reports, the cryptocurrency market has lost more than US$2 trillion (RM8.91 trillion) since its peak in November 2021. Combine the huge losses with regulatory nightmares and bankruptcies, it's an industry some investors wouldn't touch with a 10-foot pole. In the last few weeks alone, the SEC announced investigations into Coinbase, a crypto marketplace that recently had a manager charged with insider trading and is currently being plagued by bankruptcy rumours. Other regulators ordered cryptocurrency brokerage Voyager Digital to cease from telling customers their deposits are protected from losses by the Federal Deposit Insurance Corporation when they are in fact, not.