Bitwise CIO Matt Hougan said that it is unlikely for the Federal Reserve to have an emergency interest rate cut. Hougan told The Block, "Powell is very cautious, and it's also during the election, so the possibility of any emergency situation seems small. But we may see a 50 basis point rate cut in September and more than 100 basis points by the end of the year. We are entering a new cycle of global liquidity, just like the previous cycle."

Hougan also recalled March 12, 2020, the day of the market crash caused by the COVID-19 pandemic, when the Dow Jones fell 2,400 points and the price of Bitcoin plummeted nearly 40%. He said, "But guess what, that turned out to be a historic buying opportunity. Bitcoin rose more than 1,000% in the following year because central banks around the world took action and got rid of the crisis by printing money," Hougan believes that this looks more like a buying opportunity than a panic.