CBDC-s have the ability to account for and control every transaction.
There are a few in number commercial banks which deal with accumulation of fiat for the conversion from fiat to crypto stable coins and back.
The actions of the regulators in China tell their banks to get out of crypto.
Many countries are designing their CBDC-s. If the US and Europe-s digital currencies take the same approach to stop conversion from fiat to crypto and back this may be the beginning of the end of ordinary crypto-currencies.
While crypto holder may celebrate their gains - measured in ‘stable coins’ , it may become not possible to ‘cash out’ these gains in fiat.