#美联储政策对加密市场的影响 Looking back at the past, one can't help but feel the significant impact of the Fed's policies on the crypto market. In the 1970s, when inflation was high, Paul Volcker raised interest rates significantly, leading to an economic recession. Today, similar policy adjustments are stirring the market again. Recently, Bitcoin has declined, and demand for risk assets is suppressed, reflecting a shift in the Fed's attitude. However, unlike in the past, the power of institutional funds today cannot be underestimated. MicroStrategy's quarterly report shows profits from its Bitcoin holdings, confirming the persistence of institutional demand. The advancement of crypto legislation and ETF applications further lays the foundation for a long-term bull run. History always progresses in a spiral ascent. The current fluctuations around $110,000 are a manifestation of the tug-of-war between policy and capital. Wise investors should assess the situation and seek a balance between macro risks and opportunities. After all, every cycle breeds new possibilities.