People are saying Bitcoin no longer follows a four-year cycle and will keep rising under Trump's administration. But this time, it’s been hit by the 13 ministries crackdown. In 2011, BTC hit a low of $2 (back then, trading platforms hadn’t launched yet, and prices were based on overseas markets). In early 2013, it was 100 RMB, and by November 2013, it reached 8,000 RMB. In January 2015, it dropped to a low of 900 RMB. In November 2017, it hit $19,666 (post-September 4th, priced in USD). In December 2018, it dropped to a low of $3,200 (by January 2019, it was $3,350). In November 2021, it peaked at $69,000. In November 2022, it dropped to $15,500 (FTX collapsed; by January 2023, it was $16,500). By October 2025, it’s projected to hit $126,200. Roughly every four years, there’s a peak and a trough, which might be related to the four-year halving cycle. Interestingly, there’s also a major document released every four years. On December 5, 2013, the five ministries released a document: The People's Bank of China, Ministry of Industry and Information Technology, China Banking Regulatory Commission, China Securities Regulatory Commission, and China Insurance Regulatory Commission. It clarified that Bitcoin is not currency. On September 4, 2017, the seven ministries released a document: The People's Bank of China, Cyberspace Administration of China, Ministry of Industry and Information Technology, State Administration for Industry and Commerce, China Banking Regulatory Commission, China Securities Regulatory Commission, and China Insurance Regulatory Commission. The focus was on preventing ICOs. On September 24, 2021, the ten ministries released a document: The People's Bank of China, Cyberspace Administration of China, Supreme People's Court, Supreme People's Procuratorate, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration for Market Regulation, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, and State Administration of Foreign Exchange jointly issued it. On the same day, the National Development and Reform Commission and 11 other ministries jointly issued the "Notice on Rectifying Virtual Currency Mining Activities." In November 2025, it expanded to 13 ministries. Based on this sequence, this time it’s led by the Ministry of Public Security, marking the first time the Ministry of Public Security has taken the lead.