El Salvador continues to accelerate its Bitcoin purchases through an ambitious plan despite its deal with the International Monetary Fund.
Major cryptocurrencies such as Bitcoin and Ethereum have suffered a sharp correction after the recent interest rate cut by the Federal Reserve. However, according to veteran trader Peter Brandt, the Bitcoin-gold ratio is still bullish, indicating that the current downturn may be temporary. On the other hand, analyst Justin Bennett warns that if the bulls lose momentum, there may be further declines.
In terms of policy, Senator Cynthia Lummis plans to authorize the Federal Reserve to buy and hold Bitcoin, while self-proclaimed Bitcoin creator Craig Wright has been sentenced. Additionally, President Trump has pledged to establish a national strategic Bitcoin reserve, and the German Free Democratic Party is pushing for the integration of digital assets into the country's existing financial framework.
Despite the current downward trend in the market, the industry remains optimistic about the maturity of the crypto market in the next few years, as institutional investors are purchasing the equivalent of 8 years of Bitcoin issuance in 2024.
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