#数字货币市场回调 The market has received significant news - Trump may announce the new chairman of the Fed on Christmas Eve. Although the former president claims that "the decision is final", insiders reveal that the final candidate still has uncertainties. The most talked-about candidate at the moment is his longtime ally, Kevin Hassett, the Director of the National Economic Council. The two have teamed up multiple times this year to criticize the current Fed for being "too slow to cut rates and overly politicized".

If Hassert really takes over from Powell in May next year, the global monetary policy barometer may welcome a dramatic turnaround. An even more interesting phenomenon is that recently, some have noticed that the price fluctuations of Bitcoin are highly synchronized with the movements of the yen. Behind this is likely a reshuffling of international arbitrage funds in anticipation of interest rate changes—when the traditional monetary system shows cracks, capital will always seek new arbitrage opportunities.

Another parallel clue is also worth noting: regulatory authorities in Europe and the United States are gradually reaching a consensus on the formulation of stablecoin regulations, especially regarding clearing access and collateral asset requirements. Although their attitude remains cautious, a coordinated pace has already been established.

Personnel changes, policy shifts, and capital flows—these three forces are weaving an invisible net. If Hassett really takes office, will he continue the dovish rate cuts or turn to a hawkish stance? How long can this magical correlation between Bitcoin and the yen last? The answers to these questions may be revealed sooner than we think.