ChainCatcher reports that, according to The Block, Bitwise CIO Matt Hougan pointed out in the latest client briefing that although Bitcoin and Ethereum both rose about 7% in early 2026, the crypto market needs to overcome three key challenges to maintain this momentum.
The first challenge is to avoid a large-scale market crash similar to October 10, 2025, which caused over $20 billion in futures liquidation. Hougan believes this challenge has been essentially resolved; the second challenge is to advance the passage of the US Clarity Act crypto bill, which is currently under review in Congress and is expected to be marked in the Senate on January 15; the third challenge is to maintain the stability of the stock market and prevent a sharp decline that could drag down all risk assets.
Hougan stated that if these three challenges can be successfully addressed, the crypto market’s upward trend in early 2026 is expected to continue throughout the year.
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