Federal Reserve Chairman Powell emphasized in his latest speech the importance of maintaining a high interest rate policy, stating that although inflation has eased somewhat, there is still a distance to the 2% target. He pointed out that current economic data does not support a rapid interest rate cut, and future decisions will remain highly dependent on the developments in inflation and employment data. These remarks dampened market expectations for multiple rate cuts within the year, leading to a short-term pullback in U.S. stocks and a rise in the U.S. dollar index. For the cryptocurrency market, the prolonged high interest rate environment continues to suppress the performance of risk assets, but it also increases the market's sensitivity to a potential policy shift, requiring investors to closely monitor the subsequent dynamics of the Federal Reserve.