What impact will Powell's speech have on the cryptocurrency industry? Overall market performance General decline: From the perspective of the overall cryptocurrency market, there has been a certain degree of decline after Powell's speech. The total market value of the entire cryptocurrency market has also shrunk, dropping from $3.24 trillion to $3.15 trillion. Market sentiment and long short game Limited pessimism: Despite the decline in cryptocurrency prices, the market's pessimism has not spread excessively. The market may have already digested the expectation of the Federal Reserve maintaining high interest rates, and investors have not experienced large-scale panic selling. The altcoins have basically stabilized their position, and some have even seen an increase, which may indicate that a market bottom has formed and investor sentiment has a certain degree of stability. The forces of long and short are deadlocked: From the perspective of fund flow and position situation, there is a certain game between the long and short sides. The Bitcoin spot ETF has seen a net negative outflow of over $186 million, and the uncertainty of fund flows also reflects the stalemate of market long and short forces. Long term impact expectations Regulatory expectations remain unclear: Powell stated that the Federal Reserve has no intention of preventing banks from providing encrypted services to legitimate customers, but also emphasized that banks must understand the risks involved and not engage in excessive related business. This to some extent indicates that there is room for banks to participate in cryptocurrency business, but it is also under the regulatory scrutiny of the Federal Reserve. The future cooperation and development between the cryptocurrency industry and the banking industry still face regulatory uncertainty, which may affect the long-term development of the cryptocurrency market. Follow me for more information and consultation on the cryptocurrency industry.