PANews reported on February 10 that, according to Bloomberg, Federal Reserve Governor Christopher Waller stated that the cryptocurrency market frenzy fueled by the current US government is gradually fading as the market experiences a recent sell-off, and the sell-off has shaken this asset class.

Speaking at the Center for Global Interdependence conference in La Jolla, California, Waller noted that volatility in the crypto market is normal, and recent market fluctuations may stem from regulatory uncertainty and risk management practices by large financial institutions. He believes that many institutions moving from mainstream finance into cryptocurrencies have sold off their holdings to adjust their risk positions.