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.
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