Why is this round of the crypto cycle so difficult? The answer is because of the Federal Reserve.

In the last bull market, the global economy was flooded with money, and with zero interest rates and unlimited money printing, one could make money with their eyes closed.

But now the rules of the game have completely changed. The Federal Reserve has raised interest rates to a 20-year high to suppress inflation, and the market has directly switched from 'easy money mode' to 'hell difficulty'.

The main reasons why rate cuts are delayed are threefold:

1. Inflation is still relatively high, with core CPI (2.8%) far exceeding the Federal Reserve's 2% target. Even Chair Powell has stated, 'Don't expect rate cuts without sufficiently good data';

2. The job market is too strong, with a low unemployment rate (4.2%) and rising wages. Consumers have front-loaded spending, making it harder to control inflation, and the Federal Reserve is even less willing to ease up;

3. Additionally, Chair Powell wants to emulate the historical hardline central bank governors and leave a legacy by 'fighting inflation', so unless there is a significant economic collapse, he is unlikely to shift direction easily.

For retail investors, the past was characterized by flooding liquidity, and even junk assets could soar, but now high interest rates have drained the market of excess. Only truly high-quality assets can survive. To make money in the future, one must learn to analyze the macro environment, select quality targets, and patiently wait for the cycle. The era of relying on luck is over. This bull market is a battleground for 'smart money', and retail investors either need to enhance their understanding or be eliminated.

In a bull market, there are more traps than opportunities! Want to avoid pitfalls and seize real opportunities? Tap the profile to follow me! I share practical tips and first-hand information every day to help you make money in this bull market without being a lamb for slaughter! Follow me and never lose your way in investing!