This year's bull market is a bull market for Bitcoin and Ethereum, not a bull market for altcoins. Before discussing the arrival of the altcoin bull market, I think the following four macro news will be helpful to everyone:

1. The debt-to-GDP ratio of the United States is 121%, so money printing is needed to finance old debts because borrowing has exceeded productivity.

2. The Basel Accord will take effect in 2025, requiring global banks to hold more reserves before lending (from 2.5% to 10%).

3. The Bitcoin halving event has already occurred, reducing the supply of the largest digital asset.

4. In this election cycle, every incumbent president since ancient times has increased stimulus to attract votes.

jThe cryptocurrency market "prices" potential future liquidity. The Federal Reserve announced that it may cut interest rates three times in 2024. Although it may be reduced to 1 time at present, it does not rule out the possibility of further interest rate cuts in 2025. This is a sign of more stimulus measures, which means that when the printing press starts, it will push up the prices of various assets, especially crypto assets.

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