According to a statement by Urban Angehrn, CEO of Switzerland’s Financial Market Supervisory Authority says that Officials have issued numerous warnings about the risks in cryptocurrency investments, including unregulated markets manipulation.
Euronews noted in a report on Wednesday that the $900-billion crypto-asset market, partially regulated by most countries, is under the scanner to be scrutinised appropriately.
“It would seem to me that a lot of trading in digital assets looks like the U.S. stock market in 1928, where all kinds of abuse, pump and dump, are now in fact frequently common.”
The top Finma executive additionally encouraged his partners to “contemplate the capability of technology to make it simple to deal with the large measures of data and to safeguard purchasers from trading on oppressive markets.” His call comes in the midst of market strife and issues with some crypto projects in a little while.
The capitalization of the crypto market tumbled to $900 billion, from around $3 trillion in November 2021. Bitcoin (BTC), the cryptocurrency with the largest market cap, dipped under $20,000 per coin recently, interestingly since December 2020.
The current year’s losses in its worth arrived at approximately 60%, yet high expansion and increasing interest rates have provoked a trip of capital from other higher-risk assets and stocks too, the report points out. In this background, and given the troubles at companies like Celsius, regulatory tension on the businesses is probably going to increase.