Cryptocurrency assets lack intrinsic valuation frameworks as long as crypto-to-fiat markets remain structurally unregulated. Here's the core issue: dollar pricing operates in a regulatory gray zone with zero accountability for market manipulation or wash trading schemes. Result? The entire market becomes a playground for speculators and bad actors. Without proper market infrastructure, surveillance systems, and enforcement mechanisms in place, we're stuck in pure speculation territory where price discovery becomes meaningless. Until regulators step in and establish actual guardrails—real policing, real consequences, real structure—the market will keep rewarding manipulation over fundamentals.