A couple of days ago, the Central Bank issued a document to crack down on Virtual Money. A bunch of people in the square and on X are saying that this crackdown is a good thing. The domestic regulatory authorities have cracked down so many times, yet the price of $BTC keeps rising. Domestic regulators really don't need to care; I think these people have really lost their minds.

The cryptocurrency industry relies on new investors constantly joining to expand the market. One major reason why there hasn’t been a season for altcoins in this bull market is that domestic regulations and traditional media have defined the crypto space as a scam, resulting in a lack of fresh blood entering to take over the altcoins. The market is filled with old investors who simply cannot support the trading, leading to a continuous decline in altcoins.
If domestic regulatory agencies continue to crack down like this, BTC can certainly reach new highs again, but don’t expect the altcoin season to come back. The performance of altcoins will only get worse, and the vast majority of retail investors are buying altcoins. There are already few newcomers entering the market, and if the crackdown continues, there will be even fewer newcomers to take over the altcoins for you. So is this a good thing? Many people are really deceiving themselves 😅#比特币行情观察