The difficulty of today's assignment is not small. The market originally expected Powell to make a relatively dovish response in the face of tariffs and the possibility of an economic recession. Even if he did not respond to the interest rate cut, he should at least step forward to calm the market. However, in reality, Powell has some hawkish remarks while maintaining neutrality (perhaps), such as that there is no hope for a rate cut and there is no plan to temporarily postpone the balance sheet reduction, denying the possibility of an economic recession. Of course, they only believed that the economy would experience a downturn, but this time they did not indicate that they would intervene if the economy did. They also explained that tariffs would have a significant impact on inflation, although it was a one-time event, the impact could be long-lasting. This has led to the Federal Reserve not being able to make decisions in advance and having to see the impact of tariffs before making decisions. This means that at least for now, Powell and the Federal Reserve believe that there is no possibility of interest rate cuts in the first half of the year, and they will not make additional adjustments to the balance sheet. Of course, Powell also mentioned GDP data, so whether to adjust monetary policy in the future may depend on the results of GDP. As of today, the predicted value given by GDPNow is -2.2%, and after removing the import and export of gold, it is -0.1%. However, GDP data itself contains gold, so it depends on how the Federal Reserve understands it. If it is believed that the import and export of gold does not truly affect real GDP, then GDP may not reflect that the United States has entered a recession. In fact, this is a good thing for the economy, after all, who wants a recession? But it also strengthens the determination of the Federal Reserve not to cut interest rates in the short term, and then it becomes a game between inflation and economic recession, whether inflation will decline first or the economy will experience a recession first. This may not be a good thing for the market, and Powell also stated that the president has no right to dismiss any Fed officials, let alone dismiss the Fed chairman. Although the outside world believes that Powell's job is to toss a coin once a month. In addition, Powell emphasized the importance of stablecoins, believing that the United States needs to establish a legislative framework for stablecoins as soon as possible, which is also a progress and recognition for the cryptocurrency industry. Although Powell has previously stated leniency towards banks entering cryptocurrency, this time he emphasized the need for legislation on stablecoins to be imported and for regulation of cryptocurrencies to be relaxed. Looking back at the data of Bitcoin, the turnover rate has started to decline today, which also proves yesterday's viewpoint. The significant turnover yesterday should be due to internal transfer within the exchange. The actual turnover rate of users may not be high. Through the data, it can be seen that the current exit is mainly short-term investors, especially those who have been buying at the bottom in the past two days. Even if they are losing money, they are still leaving, probably because they are worried about the continued decline of BTC price. But in reality, there is currently no more bearish information. The market has already emerged from the threat of tariffs and realized that although tariffs may still have an impact, the scope of the impact is mainly between China and the United States. Other countries, including Europe, can still coordinate, and even China and the United States now have the opportunity for mediation. Today, both China and the United States have made statements and expressed their intention to further communicate. From the concentration of chips, it can be seen that the bottoming out around $83000 is gradually strengthening, and the number of investors in this range is increasing. However, even investors between $93000 and $98000, or even those over $100000, have not shown any signs of leaving. This is also the biggest difference in this recent cycle, as loss making investors have almost no panic. This also represents that most investors are optimistic about the long-term trend of Bitcoin. This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex