Hints from Trump regarding Federal Reserve personnel adjustments have triggered a chain reaction in the financial markets. U.S. Treasury prices have sharply retreated, traders quickly adjusted their expectations for rate cuts, and the two-year Treasury yield broke through 3.61%, reaching a new high. This 180-degree turn has shifted the market from previous optimistic expectations of rate cuts to concerns about tightening policies.

Wall Street's attitude best illustrates the issue. Analysts who were originally confident about two rate cuts this year have lowered their expectations in the face of strong employment data and the potential appointment of a new Federal Reserve chair. Morgan's economic team has already implied that rate cuts are basically unlikely, while BTG Pactual analysts bluntly stated: market trading logic has shifted from "betting on rate cuts" to "preparing for rate hikes." The weak performance of short-term interest rate futures contracts reflects traders' pragmatic considerations.

For cryptocurrencies, there is indeed short-term pressure. Rising interest rates typically suppress the performance of risk assets, and digital currencies, as high-risk assets, are no exception. But history shows that Bitcoin and other crypto assets are resilient. Every policy shock is accompanied by opportunities for technological iteration and ecological improvement. Innovative projects in the altcoin space continue to emerge, and the underlying logic of decentralized finance remains solid.

No matter how the Federal Reserve leadership adjusts, the pace of the crypto technology revolution will not slow down. The ecosystem being built is an alternative beyond traditional financial constraints. Every market adjustment is a good opportunity for re-evaluation and re-strategizing.