Crypto - Trump's position on it before this cycle was basically to not take a hard position but always circle back to saying he loves the dollar so he doesn't need crypto. I'm sure he realizes the economic gift and power that comes with being the world's reserve currency and  only country with the ability to print and dilute that currency.  Stock market cycles are mostly ties to ebbs and flows of money printing.  Crypto threatens the ability for them to continues the long followed practice of American Gov inflating their way out of crises and then gaslighting the public telling them they aren't seeing the inflation they think they're seeing - it's an American tradition.

Look at Germany last week. They could have set up a block trade with multiple institutions to unload their BTC quietly, near VWAP, like most institutions normally do when they have a large position to unload.  But instead they did it through a single broker and just kept hitting the bid.  You think that was on accident?  No way (check out blockworks macro saturday edition for analysis).  I personally expect more sovereign attacks on crypto markets. The moron attorneys at the SEC backed the Gov into a corner...so this is about all they have left now (I'm glad but those attorneys should be fired).