BTC price drops to 96,000, 300,000 people get liquidated, a billion dollars! Analyst: Federal Reserve easing interest rate does not change BTC's upward trend

BTC dropped to a morning low of USD 95,682, but Matt Hougan, the chief investment officer of Bitwise, tweeted earlier that this situation does not hinder the upward trend of BTC. (Recap: BTC price dropped to $100,000, Ethereum fell below $3,650, Powell: The Fed is not allowed to hold BTC) (Background: When will BTC surpass gold? Galaxy Digital CEO: Witness History in 5-8 years) After rebounding from $98,000 to $102,000 yesterday, BTC has opened a new round of decline, dropping to a low of USD 95,682 around 5 am this morning. At the time of writing, it was reported at $97,278, a drop of 3.85% in the past 24 hours. Related reading: BTC or gold, which is better for investment portfolios? Bitwise CIO: BTC is the real asset. Liquidated $1 billion in the past 24 hours. On the other hand, according to Coinglass data, the amount of cryptocurrency liquidated on the entire network in the past 24 hours has reached USD 1.003 billion, of which long orders were liquidated by USD 859 million, and short orders were liquidated by USD 169 million, with more than 300,000 people being liquidated. Bitwise CIO: The Fed's interest rate cut will not affect BTC's upward trend. One of the main reasons for this round of decline is speculated to be related to the US Federal Reserve's announcement yesterday (19th) to cut interest rates by one point as scheduled, but it implied that it will slow down the pace of interest rate cuts by 2025, and only cut by two points instead of the expected four points. However, Matt Hougan, the chief investment officer of Bitwise, tweeted earlier that this situation does not hinder the upward trend of BTC. Hougan pointed out that the Fed's signal does have an adverse effect on risk assets, and the decline in US stocks and BTC is inevitable, but he believes that the current pullback does not mean the end of cryptocurrency, because the relationship between the Fed's attitude and BTC is no longer as close as before, and now BTC has its own internal upward momentum: I think this is a small episode in the process of BTC's upward trend. The Fed's influence on cryptocurrency has decreased, and cryptocurrency now has internal momentum, and the big trend will still push BTC up, including: Washington policy has turned to support cryptocurrency. Institutional adoption and ETF flow are increasing. Governments and companies will buy BTC. Blockchain has significant technological breakthroughs.