Bitwise CIO: Crypto market likely bottomed in Q4 2023

Bitwise Chief Investment Officer (CIO) Matt Hougan has suggested that the cryptocurrency market likely hit its bottom in the fourth quarter of 2023. According to Cointelegraph, Hougan noted in a report that the period saw several optimistic trends, including record-high Ethereum and Layer 2 transactions, revenue growth for crypto companies, an all-time high in stablecoin market capitalization, and expanding DeFi adoption. He argued that the current market situation is similar to the first quarter of 2023. At that time, following the collapse of FTX, market data was mixed, but the price of BTC surged over the subsequent two years. Hougan identified several potential catalysts that could drive the market this year, including progress on the U.S. crypto market structure bill (CLARITY Act), the announcement of a new Federal Reserve Chair, and a stablecoin supercycle.