Early this morning, Powell's remarks shocked over 200,000 people, as the Federal Reserve has no intention of participating in any government plans to hoard large amounts of cryptocurrency.

Additionally, the Fed's meeting has lowered the expectations for interest rate cuts next year, which has led to a significant drop in cryptocurrencies. This rapid decline has now occurred three times, and today marks the fourth.

It can be said that the first three rapid declines consumed a large amount of buying pressure, so this time, after the sharp drop, there hasn't been much buying interest on the market. Instead, a downward trend has emerged after a period of consolidation, effectively burying the funds that were trying to catch the bottom once again.

From a short-term perspective, it will be quite difficult to return to a strong trend. The overall market enthusiasm was too high recently, and unless something unexpected happens, the market, using the knife handed over by Powell, should be undergoing the most intense cleansing before the rapid completion of the altcoin bull market.