It is estimated that the domestic authorities will issue another red-headed document to crack down on the operation and speculation of Virtual Money. If another document is really issued, it can be used as a top escape indicator. In the previous bull run, regulatory documents were released before May 19, which marked a peak in that bull run. Later, in October 2021, regulatory agencies once again warned about the speculation risks of Virtual Money, which coincided with the peak of the previous bull run.

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