K-line chart's intense volatility has become the new normal—it's almost as dramatic as an electrocardiogram's heartbeat. Currently, the market is torn apart by two forces: on one side, the internal policy struggle within the Federal Reserve, and on the other, the jumping numbers in investors' accounts. The high degree of market uncertainty makes people feel like they are walking on thin ice at all times.

Recently, Bitcoin's decline has once again refreshed perceptions. This has been a recurring scene over the past month—each high point feels like a carefully designed trap. During late-night monitoring, the psychological pressure comes not only from the decline itself but also because such volatility has become part of daily life.

Looking at what the Federal Reserve is doing internally makes it clear. Hawks and doves are engaged in a fierce policy battle: hawks insist "no rate cuts until inflation is dead," while doves counter "if we don't adjust the employment market soon, there will be problems." Such internal disagreements are extremely rare in the Fed's 111-year history. The event in August when Trump dismissed a Fed governor is enough to illustrate the intensity of this power struggle.

The current situation is: internal conflicts are escalating.

**Federal Reserve Divided, Market Pays the Bill**

Just after the December meeting minutes were released, the FOMC's voting results said it all—an 9-3 narrow majority approved a 25 basis point rate cut. This is the most dissent since 2019. Among the three dissenters, one advocated for a 50 basis point cut directly, and the other two firmly opposed any rate cut.

What’s even more painful is that even the officials supporting the rate cut admitted that this decision was made in a "delicate balance," implying that maintaining rates unchanged was also entirely justifiable.

This public policy split has a direct impact on the market: no one can be sure what the Federal Reserve will do next. In September, this uncertainty even caused 400,000 investors to be liquidated, with losses reaching $1.7 billion. Due to the leverage characteristic of the crypto market, it is the most vulnerable sector to such policy swings.