Bitcoin, Ethereum, DeFi, and blockchain technology
President Trump's nomination of Kevin Warsh as Federal Reserve Chair triggered historic crashes in gold, silver, and Bitcoin as markets priced in his hawkish monetary philosophy, despite his history of positive comments about cryptocurrency technology.
Benjamin Cowen analyzes Bitcoin's 50% drawdown through historical bear market cycles, predicting a potential relief rally into March that forms a lower high before further decline, while warning that bear markets structurally punish both bullish and bearish excesses.
Silver has likely topped for the year with a 37% drawdown, while gold—currently down only 13%—has a 60-65% probability of hitting new all-time highs before stocks recover, based on historical gold-silver ratio cycles and sequential topping patterns seen in 1973 and 2011.
Bitcoin has officially reached a 50% drawdown to $63,000, entering what analyst Benjamin Cowen identifies as "Phase 2" of the bear market with historical patterns suggesting a bottom may form in either May or October 2025.
The Genius Act's prohibition on stablecoin issuers paying interest contains a loophole allowing exchanges like Coinbase to pass through Treasury yields to users, sparking a trillion-dollar battle over whether digital dollars will replace fractional reserve banking with a narrow bank model that could drain credit from the economy.
Institutions now control over 20% of Bitcoin's supply—more than 4 million BTC—creating a fundamental tension between Bitcoin's decentralized origins and its integration with traditional finance, while introducing both long-term price support and new systemic vulnerabilities.
A joint Coinbase and Glassnode report reveals that despite Q4 2025's drawdown and bear market fears, both institutional and retail investors remain conviction-driven with 71% of institutions viewing Bitcoin as undervalued, while on-chain metrics show significant profit-taking pressure across BTC and ETH that could cap near-term upside.