I also speculate the next crackdowns might be on Tether and other stablecoins. This would wipe out liquidity in the cryptospace by more than 50%, I reckon.
That part of the cryptosystem for me is not supposed to even exist, because we all know how easy it is to create stablecoins and say that 1 such coin is always backed up with $1, and in reality, things are actually much different. Of course, the authorities will focus especially on this part, because they understand that someone is printing digital currency without anything behind it, and that they are abusing the system.
People have accepted stablecoins as something completely harmless and normal, and no one thinks they have actually allowed the authorities to create chaos at any time by saying
"stablecoins are illegal". Unlike Bitcoin which is hard to take away if everyone is their own bank, stablecoins (with a few exceptions) can be frozen in any wallet.
