Bitcoin fell as much as 29% overnight based on China re-stating something it has said for years: it will not support crypto.

Currently priced just under $40k.

There simply is no fundamental support for crypto as currently configured. Can you make money off it? Of course.

My guess is eventually governments will form their own crypto, and that will provide the central support that is lacking. Of course, that likely means the private versions become worthless other than novelty value. China is supposedly developing digital yuan.