Add to this the China miner ban, and regulatory action against Binance exchange and you'll see why the market hasn't gone up that much within the last 2 months (approximately).
Do you think the crypto hype is over? If not, why?
Currently, cryptocurrencies are poorly controlled by government agencies. Therefore, the actions of the Chinese authorities are aimed at strengthening regulation in this area so that private crypto companies do not interfere with the implementation of the state-owned crypto Yuan (DCEP — Digital Currency Electronic Payment). However, this will not be able to stop the development of crypto technologies around the world.