According to Bloomberg news, in response to the decline of bitcoin in recent days, Mizuho Securities senior analyst Dan Dolev said that bitcoin is not the safe haven tool that people hope for. If unemployment rises and people lose their jobs, investors will have to liquidate their tokens. Matthew Graham, founder and managing partner of Ryze Labs, said that several factors are affecting the price of bitcoin in the short term, including the possibility of lower interest rates, the possibility of Trump's victory in the upcoming election, and the potential impact of the Harris administration's reform of cryptocurrency policy. The market is keenly assessing the likelihood and potential consequences of such a policy shift. In the days leading up to the Federal Reserve meeting this Thursday, the price of Bitcoin has started to fall from near $70,000, even if eventually policymakers choose to keep interest rates unchanged. According to Youwei Yang, chief economist at BIT Mining, this suggests that the cryptocurrency market may have priced it in before the broader market downturn occurred. The current market is entering a safe haven phase, with funds seeking safe havens. As ETFs and regulatory environments mature, Bitcoin is now a more mainstream consideration in this category than before. However, the volatility of the token suggests that these signals are not reliable. Overall, the liquidity of hot money in the market is not yet sufficient to support a comprehensive bull market, but a certain rate cut may be sufficient.