Bitcoin fell to a low of $95,682 this morning, but Bitwise's 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 to $102,000, before starting a new wave of decline, dropping to around $95,682 at about 5 AM this morning. As of the time of writing, it is reported at $97,278, a decrease of 3.85% in the last 24 hours.
Liquidations of $1 billion in the last 24 hours.
On the other hand, according to Coinglass data, the total liquidation amount in the cryptocurrency market in the past 24 hours reached $1 billion, with long positions liquidated at $859 million, dominating the market, and short positions liquidated at $169 million, affecting over 300,000 people.
Bitwise CIO: The Federal Reserve's slowdown in interest rate cuts will not affect Bitcoin's upward trend.
One of the biggest reasons for this drop is speculated to be related to the Federal Reserve's announcement on the 19th of lowering interest rates by 25 basis points, while suggesting that the pace of rate cuts will slow in 2025, lowering only two basis points instead of the previously expected four.
However, Bitwise's CIO, 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 have a negative impact on risk assets, and the declines in the U.S. stock market and Bitcoin are inevitable, but he believes the current correction does not signify the end of cryptocurrencies, as the correlation between the Federal Reserve's stance and Bitcoin is no longer as close as it once was; Bitcoin now possesses intrinsic upward momentum.
I believe this is a minor episode in the upward process of Bitcoin.
The Federal Reserve's influence on cryptocurrencies has diminished, and cryptocurrencies now have intrinsic momentum; the larger trend will still drive Bitcoin up, including:
Washington's policies have shifted to support cryptocurrencies.
The adoption of institutions and ETF flows is continuously increasing.
Governments and enterprises will purchase Bitcoin.
The blockchain has significant technological breakthroughs.
