Well mostly or majority of people joined bitcoin not because it can be used to buy something in the market but rather because they want to gain profit. Without earning and profit people will not be engaging in bitcoin right now and will not waste their time maybe they are now busy engaging in forex. Well fear and greed is really present in trading and that does not exclude bitcoin trading.

I also agree that the US government has no capacity to kill bitcoin since there are already thousands of US citizens that are into cryptocurrency and there are companies that are operating using cryptocurrency. Instead of killing it they would just regulate it since it could help in their economy and increase tax collection.