The cryptocurrency market is starting to bounce back a year after the collapse of crypto exchange FTX and other big players in 2022 crushed prices, tarnished the industry and prompted a regulatory crackdown, Reuters reported. A jury in New York found Sam Bankman-Fried, former CEO of FTX, guilty of defrauding FTX's customers prior to its abrupt collapse in November 2022. He had pleaded not guilty and said that while he had mismanaged the company, he did not commit fraud. FTX was one in a series of industry meltdowns that sent bitcoin crashing to its lowest price since 2020. While the sector remains far from the investment fever pitch it hit in late 2021, bitcoin and other major tokens have enjoyed a rally in recent weeks as the expected end of central bank rate-hiking cycles draws cash back into high-risk assets. The crypto industry has also become focused on the prospect of new spot bitcoin exchange-traded funds (ETFs), which would throw open the market to more investors. Though none have been approved, several firms have filed for such a product.
