Federal Reserve Chairman Powell's remarks caused over 200,000 people to be liquidated, with over 4.4 billion in contracts liquidated
Powell stated that the institution has no intention of participating in any government plan to hoard large amounts of cryptocurrency
After the news broke, the crypto market plummeted
Including the previous two drops, this is already the third time
Moreover, the sharp declines in the first two instances have already consumed a large amount of buying power
Therefore, after this sharp drop, there hasn't been a noticeable influx of funds, leading to a weak rebound
Essentially, the funds that were intended for bottom fishing have been buried again
In the short term, to regain strength, new policies are needed to stimulate the market
Those who have experienced it know
That before a violent rally in altcoins, there will be leveraging and contracts
So the market is likely to use Powell's comments to conduct a fierce washout of altcoins before the bull market