Golden Finance reported that 10x Research analyst Markus Thielen pointed out that there have been some positive signs recently in terms of the resilience of the crypto market, including institutional interest in spot Bitcoin ETFs and Bitcoin prices withstanding the test of Mt. Gox returning billions of dollars in Bitcoin. It is clear that the US economy has been weaker than the Fed initially thought in the past 48 hours, and the weak ISM index has brought a shock to risky assets. The Fed hinted that a rate cut in the fall would not stop the economic downturn. If the stock market follows the downward trend of the ISM manufacturing index and even begins to anticipate an impending recession, stocks may fall sharply in the coming quarters. If this happens, Bitcoin may suffer a sharp sell-off, and its price may fall below $50,000, or even lower.