A prominent cryptocurrency analyst believes that digital assets need to change monetary policy in order to achieve significant gains. Crypto strategist Benjamin Cowen recently stated that the Federal Reserve must ease its tight monetary policy for the crypto market to rise significantly. Cowen noted that Bitcoin has been gradually declining since March, attributing this to the Fed’s reluctance to implement quantitative easing. He suggests that the most likely scenario is for the Fed to loosen its policy by September. The expert speculates whether the crypto market can see a lasting change before the Fed adopts a more accommodative monetary approach. He believes it is possible for the market to remain depressed throughout 2024, given the current conditions.
He explained that the recent downward trend of BTC is related to market uncertainty regarding the timing and nature of interest rate cuts by the Fed. This uncertainty leads to volatile market behavior, with expectations constantly changing and causing fluctuations in the price of the leading cryptocurrency.
