Italy's June seasonally adjusted retail sales month-on-month

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On the early morning of July 31, Fed Chairman Powell's speech once again attracted the attention of global financial markets. The core content of this speech includes interest rate policy and economic situation assessment, which had multiple impacts on the Crypto Assets market. Regarding interest rate policy, the Fed has decided to maintain the benchmark overnight interest rate in the range of 4.25%-4.50%, marking the fifth consecutive meeting where the rate remains unchanged. It is worth noting that this decision has seen rare internal dissent, with two board members opposing it, arguing that the current monetary policy is too tight. Regarding the economic situation, Powell pointed out that the unemployment rate remains low and the job market remains robust. However, he also acknowledged that economic growth has slowed in the first half of the year and emphasized that uncertainty about the economic outlook remains high, with challenges facing both inflation and employment targets. This speech had multiple impacts on the crypto assets market. First, due to the lack of a rate cut signal, the market expects liquidity to continue tightening, which may put pressure on the prices of major crypto assets like Bitcoin and Ethereum. Second, the uncertainty in the macro economy may exacerbate volatility in the coin market, increasing the difficulty for investors to operate. In addition, although this speech did not focus on stablecoin regulation, considering the Fed's previous stance, the compliance expectations for stablecoins are increasing. This trend is beneficial in the long run for establishing a safer trading environment and attracting institutional investors, but in the short term, mainstream stablecoins may face regulatory challenges. In terms of market reaction, short-term traders may remain cautious due to increased uncertainty, while some medium to long-term investors may see this as a layout opportunity and begin to follow quality projects and ecosystem assets. This differentiated market sentiment may further exacerbate market volatility. Overall, Powell's speech reflects the Fed's cautious stance in the current economic environment. For Crypto Assets investors, this means a greater need to follow macroeconomic trends and be prepared to respond to market fluctuations.