SILVER SPRING, Md. (AP) — The chairman of the Securities and Exchange Commission said that investors need more protection in the cryptocurrency market, which he said is “rife with fraud, scams and abuse."
In June, the Chinese Government cracked down on considerable crypto mining operations taking place in the Sichuan province and demanded that Chinese banks and payment channels stop supporting decentralised and anonymous crypto transactions.

Fundamental analysis is another critical component when investing in cryptocurrency, as it can help determine whether a coin is overvalued or undervalued. In the case of Safemoon, the research we conducted for our Safemoon price prediction found that the coin’s market cap was only $799 million at the time of writing, according to data gathered from CoinMarketCap. This is extremely small for a cryptocurrency and means that Safemoon isn’t even in the top 200 largest cryptos in the world.
In the wake of both Coincheck’s hack–as well as a big one that hit the South Korean exchange Coinrail–governments in East Asia began to crack down. Over the course of a few months, China, Japan, and South Korea all announced different measures to better regulate crypto-trading. The world was watching to see if this new technology would hit the mainstream–and government crackdowns following gigantic hacks helped poison the public perception.