After checking the bull bear cycle in the cryptocurrency market, it is basically consistent with the Federal Reserve's interest rate cut cycle: In 2013, interest rate cuts expanded the balance sheet and the cryptocurrency market became bullish 2014-2015 interest rate hike and balance sheet contraction bear 2016-2017 interest rate hike and balance sheet contraction bull (stubborn) 2018 interest rate hike and balance sheet contraction bear Stop raising interest rates and reducing balance sheets in 2019, start cutting interest rates and expanding the balance sheet for small calves 2020-2021 interest rate cuts expand balance sheet bull From 2022 to September 2023, there will be interest rate hikes and balance sheet reductions Interest rate cuts since October 2023 (not yet expanded) Bull Except for 2016-2017, the cryptocurrency industry has always followed the policies of the Federal Reserve. And 2016-2017 was due to the good development of the real economy.