Bitcoin hit a low of $95,682 this morning, but Bitwise Chief Information Officer Matt Hougan earlier tweeted that the current situation will not hinder Bitcoin's upward trend.
Bitcoin rebounded from a high of $98,000 yesterday back to $102,000, and has now entered a new wave of decline, dropping to a low of about $95,682 around 5 AM this morning. As of the time of writing, it is reported at $97,278, down 3.85% in the last 24 hours.
Liquidations of $1 billion in the last 24 hours.
On the other hand, according to data from Coinglass, the total liquidation amount in the cryptocurrency market in the past 24 hours reached $1 billion, with long positions liquidating $859 million being the majority, and short positions liquidating $169 million, affecting over 300,000 individuals.
Bitwise Chief Information Officer: The Federal Reserve's slowdown in rate cuts will not affect Bitcoin's upward trend.
One of the biggest reasons for this decline is speculated to be related to the Federal Reserve's announcement yesterday (the 19th) to lower interest rates by 25 basis points as expected, but hinted that it would slow the pace of rate cuts in 2025, only lowering by two basis points instead of the previously expected four.
However, Bitwise Chief Information Officer Matt Hougan earlier tweeted that the current situation will not hinder Bitcoin's upward trend. Hougan pointed out that the signals from the Federal Reserve do indeed have an adverse impact on risk assets, and the decline in US stocks and Bitcoin is inevitable, but he believes that the current correction does not mean the end of cryptocurrencies because the correlation between the Federal Reserve's attitude and Bitcoin is no longer as close as before; Bitcoin now has intrinsic upward momentum.
I believe this is a minor episode in the process of Bitcoin's rise.
The Federal Reserve's influence on cryptocurrencies has diminished; cryptocurrencies now have intrinsic momentum, and the larger trend will still drive Bitcoin upwards, including:
Washington's policy has shifted to support cryptocurrencies.
The adoption of institutional and ETF flows is continuously increasing.
Governments and enterprises will purchase Bitcoin.
The blockchain has significant technological breakthroughs.
