Policy dividends will trigger a bull market? The market still depends on the dollar's performance

Many people regard the CLARITY Act as this year's "savior" for the market. It seems that as long as the U.S. structural bill advances, the market will automatically upgrade from a volatile phase to a major bull run.
But don’t forget, the crypto market is becoming increasingly macro-driven.
Currently, what influences the market are not just regulations, but also interest rate expectations, dollar liquidity, and risk asset appetite. If the Federal Reserve maintains high interest rates, borrowing costs remain high, and risk assets are naturally under pressure. No matter how clear the policy is, if the funds aren’t in place, gains will be limited.
Of course, the significance of the structural bill lies in reducing systemic risk. It’s like buying insurance for the industry, making long-term capital more confident. This adds to the "quality" of future bull markets.
But short-term pump-ups? It might not be that simple.
The market can be quite pragmatic: positive regulation news comes out, and prices rise first; after the surge, if trading volume doesn’t keep up, there will still be pullbacks. After all, candlestick charts won’t automatically double just because lawmakers applaud.
My view is: policy is a long-term logic, liquidity is a short-term engine. Both need to work together for the market to truly sustain itself. Neither can be missing. #美国CLARITY法案推进