Circle and Coinbase's decline is actually worth discussing. The new legislation restricts stablecoin revenue, and the crypto industry doesn't have many tangible offerings to begin with. Now stablecoins are getting severely cut down.

If this industry can't build something meaningful during this bear market over the past two years, there might not be another cycle ahead. During bear markets, various costs are low and artificial hype is minimal, which is actually ideal for building. Products are easier to launch and more likely to gain mainstream acceptance.