Recently, the cryptocurrency market has intensified its volatility due to hawkish signals from the Federal Reserve 📉. Powell's refusal to preset a rate-cut path has caused the probability of a rate cut in September to drop to 45.7%. Traders have adjusted their expectations, and the dollar index DXY surged to 99.54 in the short term, increasing the selling pressure on risk assets. Bitcoin (BTC) fell below $11,600, and Ethereum (ETH) dropped below $3,700. In the past 24 hours, the total liquidation across the network reached $438 million, with long positions losing $367 million, highlighting the vulnerability of the market bulls 💥. Although the White House digital asset report mentioned Bitcoin reserves, there was no substantial update, and investor confidence has not been boosted. Robinhood's Q2 cryptocurrency revenue was $160 million, slightly below expectations, reflecting a slowdown in platform growth. Analysts point out that the U.S. economy is robust, and there may be only one rate cut this year; the impact of tariffs on inflation is temporary, and Powell emphasizes the solid position of the economy, making communication challenges more significant 🛡️. Overall, the Federal Reserve's stance is becoming more hawkish, putting short-term pressure on the cryptocurrency market. Investors are advised to pay attention to subsequent signals and manage position risks. In the long term, if economic data weakens, rate cut expectations may rebound, driving potential for a rebound 🚀. Stay cautious, as opportunities and challenges coexist.