Bitcoin has finally collapsed, breaking through the $70,000 threshold!

This psychological barrier, once regarded as an 'iron bottom', has been pierced like paper!

Looking back to October last year, the big coin was still standing proudly at the peak of $126,000, and in just a few months, it has fallen over 40%. This is not only a price halving but also a massacre far more brutal than the correction in US stocks and the turbulence in gold.

Why this time has the so-called 'crypto belief' shattered so thoroughly?

On the surface, it seems that the cold hint from the US Treasury Secretary - 'The government will not bear the systemic risks of cryptocurrencies' - ignited the fuse of panic. But this was merely the last straw that broke the camel's back.

The real cause of death lies in the biggest lie of 'decentralization', which has been severely slapped by reality.

What sent chills down the spines of the big shots in the circle is not the plummet of the K-line chart, but the collapse of the Prince Group and the seizure of $15 billion worth of Bitcoin by the US, which is a symbolic event.

This incident is not only a loss of assets but also a devastating 'enlightenment': it tells everyone that the so-called 'anti-censorship' and 'private property is sacred and inviolable' are merely asset transfers that can be completed with a few keystrokes in the face of the powerful intervention of the state apparatus.

This is the deepest despair.

When you find that the code barriers of blockchain cannot withstand the iron fist of regulation, and when your proud 'digital gold' is proven to be not safe, capital flight is inevitable.

Another negative factor is the macro-level 'double kill'.

The extreme hawkish expectations brought by newly nominated Federal Reserve Chairman Kevin Warsh have led to a return of the US dollar, directly draining liquidity from the crypto space. Institutions that once vowed to hold long-term are now fleeing faster than retail investors.

The massive outflow of ETF funds proves that Wall Street has never had any beliefs; they only have a bloodthirst for profits.

In today's crypto space, the air is thick with anxiety and defeat. The veterans are planning how to exit gracefully, while newcomers are trapped in despair.

This world is in constant cycles; no asset is immortal.