The cryptocurrency market faces a 'life-or-death moment', and summer turmoil is approaching!

Bitwise Chief Investment Officer Matt Hogan warns that if Washington does not urgently pass key regulatory legislation, the $2.8 trillion cryptocurrency market could fall into turmoil this summer. Despite Bitcoin reaching new highs and becoming a highlight of White House policy, only the passage of the bill can ensure that cryptocurrencies gain real political support.

Hogan praised the proactive measures taken by the Trump administration regarding cryptocurrencies, including the Bitcoin reserve plan and reversing the SEC's restrictive regulations. However, he warned that without support from Congress, these policies will be hard to sustain.

The stablecoin bill, the 'GENIUS Act', was once a focal point but now faces obstacles due to some Democrats withdrawing their support. Hogan believes this political resistance could delay market progress and impact the future of cryptocurrencies.

Despite this, Hogan is optimistic about the long-term prospects for cryptocurrencies, believing that Bitcoin, Ethereum, and Solana will reach historical highs. However, without a stablecoin framework or market regulations, institutional investors may hesitate, leading to increased market volatility. The fate of the cryptocurrency market will depend on Washington's next actions!