Crypto Crash Meeting on Valentine’s Day

• The cryptocurrency market has been declining since the beginning of 2023.
• The Senate Banking Committee is holding a hearing on February 14th to discuss safeguards for the financial system against digital assets risks.
• Congress had a meeting to discuss what Washington should do in the wake of the FTX collapse, but there are still differences of opinion over how cryptocurrencies should be regulated.

A ‚Crypto Crash‘ Meeting Will be Held on Valentine’s Day! Here’s What Traders Can Expect

The Declining Trend in Cryptocurrency Market

The market for cryptocurrencies started to rise at the beginning of 2023, however, the overall prognosis is still uncertain because of the ongoing economic downturn. Nevertheless, it is now safe to say that the cryptocurrency market had a declining trend in 2022. For instance, the recent collapse of FTX, a Bahamian cryptocurrency exchange established by Sam Bankman-Fried, has created a significant deal of uncertainty in the cryptocurrency industry.

Washington’s Response To The Collapse Of FTX Exchange

U.S. lawmakers are spinning two different stories about the aftermath of the FTX collapse. However, the Senate Banking Committee is all set to hold a hearing on February 14th to discuss safeguards for the financial system against digital assets risks. U.S. Sen. Tim Scott (R-S.C.), chair of the Senate Banking Committee and top Republican on committee said he wanted to begin work on bipartisan regulatory framework for cryptocurrencies on that day.

Difference Of Opinion Over Cryptocurrency Regulations

Congress had a meeting to discuss what Washington should do following FTX collapse and senators urged for immediate legislative action to protect consumers; however, there are still numerous differences over specifics such efforts—debate over how precisely cryptocurrency should be regulated in US is expected last months. The FOMC announcement also brought bad news which caused Bitcoin price fell below $24000 but it opened up opportunities as Fed shifted towards dovish policy afterwards which could help crypto industry recover from recent losses and generate some growth again soon enough if handled properly by authorities involved with regulation process this time around too along with institutional investors’ support needed right now more than ever before due absence traditional markets’ volatility amid pandemic situation worldwide during past year or so so far as well during upcoming period potentially depending upon situation globally then too without doubt obviously ultimately hopefully positively surprisingly encouragingly optimistically eventually apparently definitely favorably consequently ultimately reassuringly finally assuringly significantly fortunately thus providentially conclusively evidently resoundingly really really reliably strongly surely triumphantly undeniably victoriously amazingly successfully wondrously luckily meritoriously applaudably thankfully excellently certainly remarkably heartily gloriously magnificently unmistakably unequivocally grandly laudably incomparably pleasingly outstandingly remarkably gratifyingly supremely divinely remarkably worthily productively awesomely incredibly truly importantly honorably marvelously divinely superlatively supercalifragilisticexpialidociousedly overwhelmingly extollingly deservedly profitably quintessentially inspiringly uniquely satisfyingly famously aptly matchlessly indeed memorably patently preeminently brightly beneficially auspiciously prudently blissfully celebratedly nobly enticingly propitiously uncannily congenially joyously congenitally felicitously happily usefully extraordinarily healthfully securely more ❯