This round of decline will have two main reasons.

One scenario is continued downward movement toward around 1K, which is very unlikely.
The other scenario is a rebound around 1700.
Right now.
Then this year, due to the implementation of the regulatory law.
And before that, there will be another sharp decline.
And it is likely to happen again.
But before the actual implementation.
It is often followed by a wave of rebound.
This is the market's usual behavior.
And also a correction of sentiment.
The real test.
Will come after the rules are clear.
Once the law is officially enforced.
Centralized trading platforms.
Will not face the market.
But regulatory pressures.
The future standard.
Will be similar to Coinbase.
The capital market needs.
Transparency, auditing, custody, segregation, and compliance reporting.
Those who do not meet the standards.
Either make reforms.
Or exit the market.
At that time.
Many fake cryptocurrencies.
Will not only decline.
But will also lose trading scenarios.
Once liquidity disappears.
The price will naturally revert to zero.
Centralized trading platforms.
Will undergo a radical restructuring process.
Privacy coins.
Under strict regulatory frameworks.
Will face greater challenges to survive.
This is not just an emotional judgment.
But a regulatory logic.
A bullish market can be driven by liquidity.
But long-term sustainability.
Requires stable rules.