The biggest risk in the cryptocurrency world right now is that there are no decent applications. The biggest applications in the crypto ecosystem this year are almost all those MEME coins. These things are constantly emerging and have come up with many new tricks, such as the GOAT, which uses AI.
But I really don’t believe that there can be any decent bull market relying solely on MEME coins. The internal environment is not very good. The external environment is not optimistic either. We have to be cautious about how much benefit the interest rate cut can bring to the crypto ecosystem.
Now, the "Bitcoin Strategic Reserve Act" that the United States is considering may directly benefit the entire crypto ecosystem, but this bill is still in the queue, and it has not been discussed, voted on, or implemented. The earliest will have to wait until after the November election.
If Trump can be elected, the possibility of the bill passing may be greater, which can give Bitcoin and the crypto ecosystem a shot in the arm. However, if the bull market is born just because the bill is passed and brings some traffic, such a bull market may be quite forced and will not last long.
