Powell's speech this time is themed 'wait and see'. For the market, it is neither clearly bullish nor bearish. After Powell's speech today, the reaction in the cryptocurrency circle was relatively muted. The Fed's dot plot shows that two rate cuts are still expected this year, totaling 50 basis points, which is in line with expectations from March and does not exceed market expectations, so there are no bearish factors for the cryptocurrency circle; moreover, Powell's hawkish tone last night did not bring bullish effects to the cryptocurrency circle. Powell's attitude this time is very clear, focusing primarily on two aspects: first, the '90-day suspension of reciprocal tariffs' on July 9 is approaching its deadline, and the direction of related policies from the Trump administration is highly anticipated; second, the recent U.S. stance and involvement in the conflict between Israel and Iran, which may have a significant impact on the U.S. economy and other aspects. Therefore, for cryptocurrency investors, it may be wise to follow Powell's line of thought and closely monitor changes in the aforementioned factors, and not to overcomplicate the issues.