Bloomberg said that although many cryptocurrency transactions take place on the blockchain, there are many other transactions that are conducted on hundreds of cryptographic exchanges around the world. Large exchanges that trade traditional assets such as stocks are often subject to strict regulation, but most cryptocurrency exchanges do not. Investors are unable to know whether the volume and price reported by the exchange reflect real activity or just the result of market manipulation. Bitcoin hit a 17-month high at the end of June, and John Griffin, a professor of finance at the University of Texas at Austin, said: "The sharp rise in Bitcoin in the short term may indicate that someone is trying to artificially push the market. Extreme volatility suggests that manipulation is very "Oh, in the field of encryption, the risk lies in encrypting exchanges." In addition, Bitsian, a company that focuses on monitoring the existence of fraudulent transactions on cryptocurrency exchanges, recently said that within a month, It found 100,000 instances of such scams on just one exchange. The article also pointed out that as Fidelity, Facebook and other big companies have stepped into the encryption field, regulation and transparency may improve.