Agreed. I think it very much has to do with the crackdown regulations as crypto enters the mainstream. Besides the four exchanges, lots of others got subpoenas too. The retail mania has been quashed, now the institutions are going to enter and dominate the space on their (mostly unfavorable) terms. Opinion.
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There is probably a lot of truth to this ^
I share your sentiment and I've been expecting this to happen for many years now, ever since I made my first investment into bitcoin in 2015. We're entering a necessary stage of bitcoin's growing pains, something that has to happen before widespread adoption has any chance of occurring.
Can the Ocean of Public Demand make it through the garden hose of regulation?
If so we can rest assured the status quo will prevail.
Now if the hose bursts at the seams and self-regulated freedom spills out all over the place, it will be very hard to put the genie back in the bottle.