Pay close attention to the US CPI data to be released tonight at 20:30, which is crucial to understanding the direction of the Fed's subsequent monetary policy, especially whether to continue to raise interest rates or turn to lower interest rates. The cryptocurrency market is particularly sensitive to such macroeconomic data because they directly affect global capital flows, which in turn affect the price trend of digital assets.

The impact of the Fed's monetary policy, especially the interest rate hike cycle, on cryptocurrencies cannot be underestimated. When the Fed raises interest rates, it usually attracts capital to US dollar assets, and cryptocurrencies may face selling pressure, causing prices to fall. Conversely, if the Fed turns to lower interest rates, the increase in liquidity in the market may stimulate investment demand for risky assets, including cryptocurrencies, and push up their prices.

Recently, despite the many uncertainties experienced by global financial markets, the cryptocurrency market has shown resilience. The price fluctuations of mainstream cryptocurrencies such as Bitcoin and Ethereum reflect investors' expectations of the macroeconomic situation and their confidence in the long-term potential of blockchain technology. However, the uniqueness of the cryptocurrency market lies in its high volatility and sensitivity to innovative technologies, such as the rise of decentralized finance (DeFi), NFTs (non-fungible tokens) and Web3 concepts.

The future trend of cryptocurrencies depends largely on the monetary policies of major economies around the world, especially the actions of the Federal Reserve. If the Fed cuts interest rates, it may trigger a new wave of capital inflows into the cryptocurrency market, pushing up asset prices. But for China, this may mean the easing of capital controls and exchange rate pressures, creating a more friendly environment for domestic blockchain and cryptocurrency-related projects.

Will the Fed change its hawkish stance and turn to rate cuts in the short term? At present, it is unlikely, unless the US economic data deteriorates significantly, forcing the Fed to adjust its policy stance. In this case, the cryptocurrency market may usher in a major turning point, especially for projects that can prove their practical application value and technological innovation capabilities.