Crescendo is a musical term meaning 'gradually louder.' Recently, the cryptocurrency market fluctuated as Federal Reserve Chairman Jerome Powell hinted at adjusting the pace of interest rate hikes. In particular, over the past few days, it showed a movement different from the 'blue graph' it had been drawing.

The successive interest rate hike issues have so far been a nightmare for many coin investors, to the point where it felt extreme. The giant step seemed to have trampled much of the ecosystem. As the leading stock, Bitcoin, failed to exert its strength, other altcoins consequently showed a declining trend as well.

In the midst of such a roller-coaster market situation, cryptocurrency exchanges are devoting their utmost efforts to investor protection, but there are also opinions that there are limitations at this point in time when the entire market is facing a difficult situation. Amidst the market instability, the grumbling voices that burst out called for institutionalization. This is also the comment most frequently mentioned by coin industry officials this year.

In particular, opinions advocating for institutionalization were also voiced during the parliamentary audit, drawing attention. Dunamu CEO Lee Seok-woo mentioned the need for the institutionalization of the coin market during the parliamentary audit in October. In fact, demands for institutionalization from some sectors of the market are expanding like a crescendo. This is because, despite being called the era of 6 million coin investors, it is hard to find mechanisms that can actually protect investors. 'Incorporation into the mainstream' can be said to be a necessary and sufficient condition for the healthy development of the industry.

Although coin prices showed a slight upward trend due to expectations surrounding the adjustment of the pace of interest rate hikes, there is still a long way to go. Considering that the price of Bitcoin rose to the 80 million won mark per coin on domestic exchanges last year, the current decline is very steep. If the system to protect investors had functioned properly during the boom period like last year, the likelihood of the market sailing smoothly would have been high, which is highly regrettable. Now is the urgent time to establish 'rules' that conform to common sense and the level of investors.