Barclays believes that Powell's hawkish stance is unlikely to change due to employment data, expecting only a 25 basis point rate cut in December, with uncertainties around a rate cut in September, and will pay attention to the Jackson Hole meeting. This news may have the following impacts on the cryptocurrency market:

Capital Flow: High interest rates may make dollar assets more attractive, leading to capital outflow from the cryptocurrency market and putting pressure on prices; investors' risk appetite shifts towards traditional assets, reducing allocation in the cryptocurrency market.

Market Sentiment: Divergence between expectations and policy causes panic selling, undermining the confidence of long-term investors, which is detrimental to market development.

Dollar Correlation: Hawkish policies boost the dollar, suppressing demand for dollar-denominated digital currencies; the U.S. economy is affected by policies, diverting capital away from the cryptocurrency market and drawing attention.