The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

Although Bitcoin (BTC) hit a record high of nearly $65,000 in mid-April this year, it has been struggling around $30,000 to $40,000 for two months since the 519 crash.

According to Trading View data, it once fell to $31,305 today (17), which is about 52% lower than the highest point. As of press time, BTC is at $31,788.

According to foreign media "NewsBTC" today, Bitcoin has achieved considerable success in the past few years, so it is not surprising that investors continue to believe that it will maintain rapid growth, but NewsBTC confirms that the fact is that the bull market may have ended long ago: "But confidence in the market may also be a denial of the obvious situation-that Bitcoin has finally entered a bear market."

Pointing out that the massive sell-off caused the price to plummet, although institutional investors showed more interest in digital assets, the price of the currency continued to fall. Since the asset fell below the $30,000 price point last month, there has been no significant recovery.

Regulatory shocks, panic selling, and then what? 

One of the main reasons why Bitcoin has not improved recently is related to China's ban on the local mining industry.

According to a series of previous reports, the country was once a major mining center that accounted for 65% of the total computing power of the Bitcoin network. However, since May, China's three major financial associations have jointly issued a statement emphasizing that any business involving cryptocurrencies is prohibited, and the State Council has also set the tone to crack down on Bitcoin mining and trading activities.

In June, local governments in Inner Mongolia, Qinghai, Sichuan, Xinjiang, Yunnan and other places have successively ordered the closure of Bitcoin mines, and even directly cut off power. This month, Anhui Province also followed suit. Not only did miners urgently cash out and withdraw from the local market and move overseas, but the panic selling caused by the news also formed a huge selling pressure.

"NewsBTC" mentioned that Bitcoin is currently at a very critical moment.

It also pointed out that more and more regulations are pouring into the market. For example, since late June, the giant () has been sniped by government authorities in many countries, claiming that it has not obtained a business license in the local area, which has aroused more investor concerns.

But after a large number of regulations have emerged, according to Alternative.me data, the current Bitcoin fear and greed index points to extreme fear.