{"id":664894,"date":"2024-12-19T13:00:20","date_gmt":"2024-12-19T13:00:20","guid":{"rendered":"https:\/\/wncen.com\/?p=664894"},"modified":"2024-12-19T09:24:13","modified_gmt":"2024-12-19T09:24:13","slug":"crypto-bull-run-over-top-exec-crash","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/crypto-bull-run-over-top-exec-crash\/","title":{"rendered":"Is The Crypto Bull Run Over? Top Exec Discusses The Market Crash"},"content":{"rendered":"

The broader crypto market experienced a pronounced downturn following yesterday\u2019s Federal Open Market Committee (FOMC) meeting, held on December 18. After the US Federal Reserve delivered a 25-basis-point rate cut as anticipated, it also signaled fewer cuts in 2025 than previously expected.<\/p>\n

In response, the Bitcoin price fell by more than 5%, dropping below the $100,000 mark before showing slight signs of recovery. Altcoins saw across-the-board double-digit percentage declines.<\/p>\n

The Federal Reserve\u2019s decision\u2014while meeting expectations for a 25-basis-point reduction\u2014came with a notable shift in the projected rate trajectory for next year. Rather than the previously communicated four cuts, the central bank now anticipates only two, signaling a more cautious stance. This recalibration of future monetary policy sent ripples through the entire risk asset spectrum, prompting the S&P 500 to decline 3% and the Russell 2000 Small Cap Index to drop 4.4%.<\/p>\n

Is The Crypto Bull Run Over?<\/h2>\n

Within the crypto sector, the immediate aftermath was pronounced. Matt Hougan, Chief Investment Officer at Bitwise Asset Management, addressed<\/a> the market conditions this morning via X, writing: \u201cThe big catalyst today was the Fed announcement [\u2026] The Fed cut rates by 25 basis points as expected, but lowered expectations for next year from 4 cuts to 2 cuts. Higher rates are bad for risk assets, and the Fed\u2019s announcement caused<\/a> a sharp pullback in all risk assets.\u201d<\/p>\n

Related Reading: Bitwise Exec Reveals His Personal Top 3 Crypto Predictions For 2025<\/a><\/div>\n

According to Hougan, Bitcoin\u2019s price action reflected heightened sensitivity to shifting monetary conditions. He noted that Bitcoin price drop was exaggerated by leveraged positions being liquidated. \u201c$600 million of leveraged long positions were blown out in today\u2019s market, exacerbating the pullback.\u201d<\/p>\n

Despite the steep correction, Hougan argued that the broader outlook remains constructive: \u201cCrypto now has internal momentum, and nothing about today\u2019s announcement interrupts the mega-trends: The pro-crypto reversal in Washington<\/a> policy, rising institutional adoption and ETF flows<\/a>, Bitcoin purchases by governments and corporations, and major tech breakthroughs in the programmable blockchain space.\u201d<\/p>\n

He pointed to technical indicators as a supporting factor for his thesis: \u201cMy favorite momentum gauge is still positive: Bitcoin\u2019s 10-day exponential moving average ($102k) is still above its 20-day exponential moving average ($99k).\u201d<\/p>\n

Related Reading: Crypto Watchlist: Top 5 Coins To Watch This Week<\/a><\/div>\n

Hougan concluded his thread by maintaining that the shift in Fed expectations would not derail the longer-term bull run, stating: \u201cCrypto\u2019s in a multi-year bull market. 50bps of projected rate cuts won\u2019t change that.\u201d<\/p>\n

Other market observers offered similar interpretations of the Fed\u2019s communication strategy. Warren Pies, Founder of 3Fourteen Research, commented<\/a> via X: \u201cBy upping inflation forecast, lowering UE rate, and keeping cuts in place, the Fed has actually opened the path to more than 2 cuts in 2025 as data \u2018surprises\u2019 to the dovish side.\u201d<\/p>\n

Renowned macro analysts echoed this sentiment. Crypto analyst and podcaster Fejau (@fejau_inc) described the central bank\u2019s approach as a strategy designed to guide market expectations: \u201cFed forced itself into cutting this week so is using a hawkish 2025 FFR dot plot forecast to talk down long bond yields despite cutting today [\u2026] Welcome to macro psyop warfare. Smoke and mirrors baby.\u201d<\/p>\n

He characterized the dot plots as a tool for psychological influence rather than a strict roadmap: \u201cIt\u2019s important to view the dot plots not as a future forecast of events, but as a psychological tool [\u2026] The Fed has bought themselves time to allow further data to come out before they actually make a move [\u2026] Can almost guarantee you 2025 will not occur as is forecasted in their dots.\u201d<\/p>\n

Andreas Steno Larsen, CIO of Steno Global Macro Fund and CEO at Steno Research, offered<\/a> a similar assessment: \u201cBy hawking up all forecasts a lot, the Fed lowers the bar materially for cuts next year. It is a wise move, if you want to cut further, but do not want to precommit.\u201d<\/p>\n

At press time, Bitcoin traded at $101,766.<\/p>\n

\"Bitcoin
Bitcoin price holds above the 20 day EMA, 1-day chart | Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image created with DALL.E, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The broader crypto market experienced a pronounced downturn following yesterday\u2019s Federal Open Market Committee (FOMC) meeting, held on December 18. After the US Federal Reserve delivered a 25-basis-point rate cut as anticipated, it also signaled fewer cuts in 2025 than previously expected. In response, the Bitcoin price fell by more than 5%, dropping below the $100,000 mark before showing slight signs of recovery. Altcoins saw across-the-board double-digit percentage declines. The Federal Reserve\u2019s decision\u2014while meeting expectations for a 25-basis-point reduction\u2014came with a notable shift in the projected rate trajectory for next year. Rather than the previously communicated four cuts, the central bank now anticipates only two, signaling a more cautious stance. This recalibration of future monetary policy sent ripples through the entire risk asset spectrum, prompting the S&P 500 to decline 3% and the Russell 2000 Small Cap Index to drop 4.4%. Is The Crypto Bull Run Over? Within the crypto sector, the immediate aftermath was pronounced. Matt Hougan, Chief Investment Officer at Bitwise Asset Management, addressed the market conditions this morning via X, writing: \u201cThe big catalyst today was the Fed announcement [\u2026] The Fed cut rates by 25 basis points as expected, but lowered expectations for next year from 4 cuts to 2 cuts. Higher rates are bad for risk assets, and the Fed\u2019s announcement caused a sharp pullback in all risk assets.\u201d Related Reading: Bitwise Exec Reveals His Personal Top 3 Crypto Predictions For 2025 According to Hougan, Bitcoin\u2019s price action reflected heightened sensitivity to shifting monetary conditions. He noted that Bitcoin price drop was exaggerated by leveraged positions being liquidated. \u201c$600 million of leveraged long positions were blown out in today\u2019s market, exacerbating the pullback.\u201d Despite the steep correction, Hougan argued that the broader outlook remains constructive: \u201cCrypto now has internal momentum, and nothing about today\u2019s announcement interrupts the mega-trends: The pro-crypto reversal in Washington policy, rising institutional adoption and ETF flows, Bitcoin purchases by governments and corporations, and major tech breakthroughs in the programmable blockchain space.\u201d He pointed to technical indicators as a supporting factor for his thesis: \u201cMy favorite momentum gauge is still positive: Bitcoin\u2019s 10-day exponential moving average ($102k) is still above its 20-day exponential moving average ($99k).\u201d Related Reading: Crypto Watchlist: Top 5 Coins To Watch This Week Hougan concluded his thread by maintaining that the shift in Fed expectations would not derail the longer-term bull run, stating: \u201cCrypto\u2019s in a multi-year bull market. 50bps of projected rate cuts won\u2019t change that.\u201d Other market observers offered similar interpretations of the Fed\u2019s communication strategy. Warren Pies, Founder of 3Fourteen Research, commented via X: \u201cBy upping inflation forecast, lowering UE rate, and keeping cuts in place, the Fed has actually opened the path to more than 2 cuts in 2025 as data \u2018surprises\u2019 to the dovish side.\u201d Renowned macro analysts echoed this sentiment. Crypto analyst and podcaster Fejau (@fejau_inc) described the central bank\u2019s approach as a strategy designed to guide market expectations: \u201cFed forced itself into cutting this week so is using a hawkish 2025 FFR dot plot forecast to talk down long bond yields despite cutting today [\u2026] Welcome to macro psyop warfare. Smoke and mirrors baby.\u201d He characterized the dot plots as a tool for psychological influence rather than a strict roadmap: \u201cIt\u2019s important to view the dot plots not as a future forecast of events, but as a psychological tool [\u2026] The Fed has bought themselves time to allow further data to come out before they actually make a move [\u2026] Can almost guarantee you 2025 will not occur as is forecasted in their dots.\u201d Andreas Steno Larsen, CIO of Steno Global Macro Fund and CEO at Steno Research, offered a similar assessment: \u201cBy hawking up all forecasts a lot, the Fed lowers the bar materially for cuts next year. It is a wise move, if you want to cut further, but do not want to precommit.\u201d At press time, Bitcoin traded at $101,766. Featured image created with DALL.E, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":664921,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,14917,6664,12254,14690,16183,1558,89734],"class_list":["post-664894","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitwise","tag-crypto","tag-crypto-crash","tag-crypto-news","tag-crypto-prices","tag-cryptocurrency","tag-matt-hougan"],"acf":[],"yoast_head":"\nIs The Crypto Bull Run Over? 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Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Is The Crypto Bull Run Over? 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