The Federal Reserve's hawkish signals impacted the crypto market, wiping out over $100 billion in market capitalization. On March 19th, the Federal Reserve concluded its March policy meeting, maintaining interest rates at 3.5%-3.75%. Fed Chairman Powell delivered a hawkish signal during the press conference, hinting that there might only be one opportunity for a rate cut this year. This statement immediately triggered a sharp market reaction. The total market capitalization of the crypto market evaporated by over $100 billion in less than 24 hours before and after the meeting, falling from a six-week high of slightly less than $2.57 trillion to its current level of approximately $2.4 trillion. According to Coinglass data, approximately 143,400 traders were liquidated in the past 24 hours, with a total liquidation amount of $479 million, of which approximately 85% were leveraged long positions in Bitcoin. This significant pullback has brought BTC back to the middle of its six-week trading range, erasing most of its recent gains. Powell emphasized that even without the impact of the Middle East conflict pushing up oil prices, the Fed remains highly vigilant about persistent inflation and clearly stated that rate cuts depend on economic data performance; if no improvement is seen, rates will not be cut. This hawkish stance clearly contradicts Trump's accusations of "cutting interest rates too slowly." Ironically, Trump's push for tariffs and the oil price surge triggered by the Iran conflict are precisely the real obstacles to inflation and interest rate cuts. Analysis firm Swissblock points out that while the FOMC meeting can be a catalyst for volatility, its impact often depends on market conditions. High-risk market conditions typically trigger sell-offs or accelerated declines; conversely, they are more likely to form local bottoms or continue the upward trend. The current market is in a delicate phase of "transitioning to low risk but not yet fully confirmed." Although the FOMC meeting will still trigger short-term volatility, BTC's direction will depend on its intrinsic strength, capital flows, and momentum, rather than simply being driven by macroeconomic events. However, according to Santiment's analysis, although the #FederalReserve did not cut interest rates this time, the related negative factors had already been priced in yesterday, so traders still expect a potential upward trend. In summary, the Fed's hawkish stance poured cold water on the market, causing over $100 billion in market capitalization to evaporate in the crypto market, with approximately 85% of long positions wiped out. However, Santiment believes that "the bad news has been priced in," and a rebound is expected. What do you think? Is this a temporary pullback or a continuation of the downtrend? Leave your opinions in the comments section!