The Fed's first interest rate cut this year has just been implemented, reducing it by 25 basis points, bringing the rate to 4%-4.25%. This result was actually anticipated by everyone, as the market had already largely digested it.

The key actually depends on what Powell said. He clearly stated that inflation is mostly under control now, and the Fed is more focused on employment. Therefore, they will not rush to cut interest rates continuously and significantly, but will take it slow, step by step, and maintain caution.
Interestingly, the opinions within the Fed are not unanimous. Among the 19 participants in the forecast, several believe that there is no need for further cuts this year, while others think there may be at most one more cut. Additionally, 9 people support a total of three cuts this year. There is even one person who directly called for a significant rate cut of 150 basis points—indicating a wide divergence in their assessments of the economic outlook.
Additionally, the Fed has raised its economic growth expectations for the coming years, and it seems they are more confident in achieving a "soft landing" than before.
So what is the actual impact on the cryptocurrency world?
First of all, the 25 basis point rate cut has long been anticipated by the market, so it will not suddenly lead to a major increase.
Secondly, Powell also mentioned that this is not the beginning of a new round of massive monetary easing. The interest rate cuts are for risk control and will not happen rapidly in succession. Therefore, it is unrealistic to expect a super loose market to emerge immediately.
However, in the long run, a policy shift towards easing is definitely good for risk assets. Once employment starts to weaken and policies truly shift, the funding environment will gradually relax, which is considered a medium to long-term positive for the cryptocurrency space.
My view is: just because you hear about interest rate cuts doesn't mean a bull market is immediately coming. The market may still be quite volatile in the short term, and what really drives prices may depend more on capital expectations and market sentiment.
In short: Don't be too excited in the short term, but it's worth holding steady in the long term. Those who can hold on may be the ones who laugh last.
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