A couple of days ago, the Central Bank issued a document to crack down on Virtual Money. A bunch of people on the square and on X are saying that the crackdown is a good thing. However, the price of $BTC has been rising even more after so many crackdowns by domestic regulatory agencies. Domestic regulation really doesn't need to care, I think these people are really out of their minds.

The cryptocurrency industry relies on new investors continuously joining in to expand the market. One significant reason why this bull market lacks a season for altcoins is that domestic regulation plus traditional media have defined the cryptocurrency space as a scam, resulting in insufficient fresh blood entering to take over the altcoins. The market is filled with old investors who simply cannot handle the trading volumes, 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 a season for altcoins; the performance of altcoins will only get worse, and the majority of retail investors are buying altcoins. There are already few new entrants, 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 just deceiving themselves.