As the Fed's two-day policy meeting begins, the yield on the 10-year U.S. Treasury note remains around 4.04%, close to a five-month low. Financial markets have largely priced in the expectation of a possible 25 basis point rate cut this week and anticipate a total cut of 67 basis points by the end of the year.

The stability of this yield may indicate an increased likelihood of a peak in the US Dollar Index (DXY), which is a positive signal for risk assets such as stocks and cryptocurrencies. Meanwhile, the US job market is starting to cool, and although inflationary pressures still exist, they have been somewhat suppressed.

For the cryptocurrency market, these developments could mean stronger support. The weakening of the US dollar may provide a more solid foundation for Bitcoin (BTC) and Ethereum (ETH). However, uncertainty remains in the short term, and the outcome of the Fed meeting will be crucial. If the Federal Open Market Committee (FOMC) dot plot releases dovish signals, the cryptocurrency market may experience a surge.

From a trading strategy perspective, BTC and ETH may fluctuate near key support levels, waiting for the Fed meeting results to be announced. In the medium term, there is still a chance for a market rebound.

Overall, the stability of the 10-year U.S. Treasury yield is a positive signal for the crypto market. However, investors still need to closely monitor the Fed's statements on Thursday, as this will have a significant impact on market direction. During this uncertain period, a cautious wait-and-see approach may be a wise choice.

As the situation develops, market participants will closely monitor whether the Fed's decisions will signal a dovish stance and how this will affect the short-term and medium-term trends of the cryptocurrency market. Regardless of the outcome, this will undoubtedly be an important event that cryptocurrency investors need to pay close attention to.