While I cannot deny that there are some bad signs for crypto given the market is continuously falling and there are only bad news around the web right now, but I find some fun facts on which I will share my views.
hearing on the digital dollar two weeks ago was not only a public exploration and introduction to the concept a central bank-backed digital currency
A digital currency or digital dollar controlled by the government doesn't add any value to the already ongoing banking sector. The real worth crypto adds is through the decentralization where no one holds the power. I don't think governments making their crypto will ever gain any success.
With this in mind, the Chinese government has continually tightened control over the crypto market in China, most recently cracking down on cryptocurrency mining in the country.
Unfortunate but that means the demand shall never decrease while the supply is shrinking as they ban mining, although poor for the bitcoin, I guess it only brings more value actually. And even if they ban mining completely, they cannot eliminate PoS coins.
I have seen even dire times than right now so just hold tight and don't believe all the FUD that is being spread.