According to MarsBit, Bessent clarified the so-called “$2,000 dividend,” explaining that the fiscal stimulus plan refers to tax cuts rather than a direct injection of liquidity into the market. At the same time, Logan’s hawkish remarks weakened expectations for a Federal Reserve rate cut in December, adding pressure to crypto bulls that had been relying on a more accommodative policy narrative.
Against this backdrop, Bitcoin and Ethereum both recorded sharp price declines, while market fear intensified. The report linked the sell-off to two main developments: hawkish Federal Reserve commentary that reduced rate-cut expectations, and the clarification that the fiscal support would take the form of tax reductions instead of direct liquidity, undermining confidence in a fresh flow of funds into risk assets.
The report also noted that the AI narrative has become one of the last remaining supports for bullish sentiment, while Nvidia’s earnings may bring further volatility. For the crypto market, macro policy signals, liquidity expectations and the technology-stock narrative are overlapping at the same time, leaving Bitcoin and Ethereum exposed to continued external information shocks.