Looking at the daily chart, the price earlier this week (and last week), moved above the 100 day moving average only to tumbled lower yesterday on the back of the FTX currency exchange news.
Since a high last week on November 9, the price of the digital currency has fallen over -21% from that high.
Meanwhile, FTT continues its tumble to the downside that has seen its price lose 89% from the high last week. It traded at the lowest level since May 2020 yesterday (at $2.73) before rebounding higher. The low today has reached $3.27 after bouncing to a high of $6.38. .
I can't help to think back on how the forex market in the US was overly regulated back when, yet the crypto market gets a free pass with risk and other issues that are much more troublesome from many more different angles.
On the otherhand, regulating and having the manpower to do so, is a totally different story which perhaps is the reason it goes on and on. Then there is the political "will" which lobbyist can influence especially in the current political environment where every vote counts. Just ask those that support gun control.