Why is Bitcoin (and the related crypto coins) going through a selldown much like Malaysia's glove companies for the past 9 months? I am not a crypto fan and have not owned even one ever. To me, if investors or punters can fathom just ONE factor ... you will appreciate why Bitcoin and the rest are headed for 10,000 rather than 30,000.
For all the virtues cited for Bitcoin:
These so called virtues are the packaging masking the real users of Bitcoin intentions. While there are no hard figures, safe to say that the majority of users of bitcoin wanted to move assets (hard currency) to "hard to trace" entity, or for usage in things which are deemed "gray areas of the economy".
The critical moment in history was when USDT (and to a lesser extent USDC)started to cross the USD60-80 billion mark. What that means is that total in circulation has probably reach critical mass needed. When the top few crypto exchanges start to trade Bitcoins, Ethereum and the rest as an expression of USDT (and not USD), that was the first sign Bitcoins and other crypto coins doomsday being stamped.
That's why when you go to any of the top crypto exchanges... be it Binance, FTX, Coinbase or Huobi ... all coins are traded per USDT.
The cryptos are NOT BACKED usually by much except hype. USDT and USDC are backed. In spite of some legal wrangling, USDT has become more and more open to opening their books on how they "invest" the funds supposedly to back USDT.
For all the purported virtues of crypto, the majority of users basically want the two factors coloured in red PLUS a way to store funds away from the prying eyes of authorities. Stablecoins do that, most of us do not need to have cryptos anymore. That's why the lustre for cryptos is gone.
Looking at 10,000 USDT for Bitcoin, rather than 30,000 USDT ...