Foresight News report, according to The Block, Bitwise Chief Investment Officer Matt Hougan analyzes that the crypto market had a good start in early 2026, but whether the uptrend can continue depends on overcoming three key obstacles. Hougan stated that Bitcoin and Ethereum have both risen approximately 7% year-to-date, while more speculative assets like Dogecoin have achieved larger gains. However, prices declined on Wednesday, raising market questions about whether the New Year’s rally can be sustained.
The first obstacle he pointed out has already been cleared, namely avoiding massive market volatility similar to the market crash event on October 10 last year, which resulted in at least $20 billion in crypto futures positions being liquidated that day. He stated that while concerns about large market makers or hedge funds potentially being forced to close positions previously put pressure on prices last year, these worries have gradually diminished as the year ended.
In Hougan’s view, the second obstacle is related to U.S. legislation, particularly the crypto market structure bill called the “Clarity Act.” The bill is advancing in Congress, with revisions expected in the Senate on January 15, although disagreements remain on DeFi regulation, stablecoin incentives, and political conflicts of interest. The final factor is the broader stock market. Hougan stated that cryptocurrency performance does not require a booming stock market, but he warned that a stock market crash could drag down all risk assets in the short term.
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