According to ChainCatcher, Bitwise Chief Investment Officer Matt Hougan said on X that although the Federal Reserve lowered its expectation of interest rate cuts next year from 4 to 2, this is only a brief episode in the bull market.
Hougan pointed out that the crypto market has developed an endogenous driving force independent of the Federal Reserve's policy, and four major trends are driving the development of the industry: Washington's regulatory attitude has become more positive, institutional investors have accelerated their entry, governments and companies have increased their holdings of Bitcoin, and programmable blockchain technology has made breakthroughs.
Technically, Bitcoin's 10-day moving average remains above its 20-day moving average, which Hougan believes reflects the market trend. He does not expect a 50bps rate cut to change the bull market cycle.
