After the recent shock to the cryptocurrency market after the fall of the cryptocurrency exchange FTX, thousands of investors in the United States and abroad have lost a lot of their money and investment. The US Treasury’s remarks largely reflect the concerns expressed by banking regulators in the two-day congressional hearings. “The recent fiasco of a cryptocurrency exchange, and the unfortunate impact this has had on digital asset holders and investors, demonstrate the need for more effective oversight of the crypto markets,” the Treasury said in a statement, without naming FTX directly. Treasury and other regulators have identified risks in the cryptocurrency markets over the past year, including “client asset mix-ups, lack of transparency, and conflicts of interest,” which have been “at the heart of crypto market stresses observed over the past week.” Official statement “The recent failure of a major cryptocurrency exchange and the unfortunate impact this has had on digital asset holders and investors demonstrate the need for more effective oversight of crypto markets,” the US Treasury Secretary said in the statement. Over the past year, through the…

Once again, the question is asked again, is the cryptocurrency market close to collapse? Away from the continuous rise of the US dollar against a basket of global currencies and its transformation into one of the sources of investment for most investors in all countries of the world, but the shock received by the “crypto” market after the announcement of the bankruptcy of a famous platform may indicate shocking expectations regarding the future of digital currencies. FTX, one of the world’s largest cryptocurrency exchanges, has filed for Chapter 11 bankruptcy, while CEO Sam Bankman Fried, one of the most famous names in the cryptocurrency world, has stepped down. The collapse came just days after Binance, the world’s largest cryptocurrency exchange, abandoned its plans to acquire FTX, saying “the company’s problems are more than we can control or we can help.” Billions of dollars were withdrawn from the “FTX” platform during trading last week, after a report revealed a gap of billions of dollars in the company’s budget. At the same time, in terms of negative expectations, JPMorgan had predicted a…

A recent report suggested that the wave of collapses in the cryptocurrency market will continue after the announcement of the bankruptcy of the “FTX” platform, as the cryptocurrency lending platform “Block V” is preparing to file for bankruptcy, with great exposure to the “FTX” platform, which is scheduled to To be subject to investigation with the US authorities after declaring bankruptcy during the past few days. Since the highest value recorded by the “crypto” market, last November, the combined market value of cryptocurrencies has fallen by 73.4 percent, losing about $2.351 trillion, after its total market value fell from the level of $ 3200 billion, to about 849. billion dollars at the moment. The Wall Street Journal cited people involved in the matter as saying that crypto-lending platform BlockV is planning to lay off some of its employees, while preparing to file for possible Chapter 11 bankruptcy. BlockV suspended withdrawals and restricted activity across the platform last week, citing its inability to operate business as usual given the uncertainty about FTX’s business. The cryptocurrency market is witnessing a state of…