Bitcoin ( BTC-USD ) is on track to end the week over 2% lower as the after effects of the FTX collapse and the broader risk-off environment continue to weigh on sentiment. The top crypto, which has been reeling since cryptocurrency exchange FTX filed for bankruptcy , traded within a tight range of $15.9K-$17.1K this week, offering some reprieve after the sell-off seen last week . Among crypto proponents, Binance CEO Changpeng Zhao told CNBC the industry will emerge better off after the FTX collapse and additional oversight may not have prevented the crisis. Salvadoran president Nayib Bukele said FTX is the opposite of bitcoin ( BTC-USD ) as the top crypto's protocol was "created to prevent Ponzi schemes". FTX's new CEO John Ray III slammed the "unprecedented" management of ex-CEO Sam Bankman-Fried that led to the firm's demise. Ray, who oversaw Enron's bankruptcy, said he'd never seen "such a complete absence of trustworthy financial information". Now, regulators are calling for more oversight. The U.S. House Banking Committee is planning to hold a bipartisan hearing next month to scrutinize the FTX collapse. U.S. Senators Elizabeth Warren (D-MA) and Dick Durbin (D-IL) demanded that FTX shed light on its finances . Also, U.S. Treasury secretary Janet Yellen said crypto markets need more effective oversight , while Federal Reserve Vice Chair of Supervision Michael Barr said the U.S. needs to have strong oversight of stablecoins . Cantor Fitzgerald legislative and regulatory actions in the coming months will define the industry for years to come, adding that regulated centralized crypto institutions will be critical for future adoption. The FTX fallout claimed many victims this past week. Genesis Global Capital, the lending business of crypto brokerage Genesis, halted redemptions and new loan originations as withdrawal requests exceeded its current liquidity . Prior to this, Genesis was reportedly seeking a $1B emergency loan from investors. Cryptocurrency lender BlockFi is reportedly preparing to file for bankruptcy protection within days. Hong Kong-based Genesis Block reportedly said it would halt trading services to regain some of its liquidity . Singapore's state investment fund Temasek is preparing to write off its $275M stake in FTX. In other news, Jefferies said bitcoin ( BTC-USD ) mining was less profitable sequentially in Oct. as the average price of the coin remained flat while network hash rate jumped over 13%. "Network hash rate remained near historic highs into Nov. despite BTC's price crashing following FTX's collapse," it added. Bitcoin ( BTC-USD ) dipped 0.23% to $16.66K at 4.55 pm ET, while Ethereum ( ETH-USD ) edged 0.33% higher to $1.21K. SA contributor Tom Lloyd in an analysis said bitcoin ( BTC-USD ) was already in a bear market before the FTX bankruptcy and is still diving in the current risk-off environment, looking for support and the next bear market bounce . The global cryptocurrency market cap stands at $832.23B, up 0.09% over Thursday, according to CoinMarketCap . Crypto-related stocks that ended in the red on Friday include: Marathon Digital ( MARA ) -7% , Coinbase ( COIN ) -7.2% , Riot Blockchain ( RIOT ) -3.7% and Robinhood Markets( HOOD ) -3% .
