The Federal Reserve faces an unprecedented challenge to its authority. Recent political disputes over central bank independence have escalated, directly triggering market concerns about the pricing mechanism. When central bank decisions are potentially influenced by political factors, how will the valuation logic of risk assets like BTC, ETH, and others change?

The core issue lies in the erosion of trust. Over the past few decades, global financial markets have been built on expectations of the Fed's relative independence in decision-making. The prices of US stocks, US bonds, and the US dollar are all anchored to this assumption. Once this assumption is broken, all traditional valuation models will need recalibration. We have already seen market reactions—dollar volatility increases, US stock volatility rises, and risk assets are being sold off.

What does this mean for the crypto market? First, uncertainty in Federal Reserve policy will directly transmit to mainstream cryptocurrencies like BTC and ETH. When the market feels uncertain about monetary policy prospects, investors tend to adopt a wait-and-see approach rather than holding positions. Second, any shake-up in the US dollar credit system will reinforce a reevaluation of decentralized assets—this could serve as a medium-term support factor.

From a practical perspective, there are several possible evolutionary paths. If political pressure is ultimately constrained by judicial processes, the Fed may have won nominally, but its authority will be diminished. If political interference continues to deepen, the central bank’s autonomy will be gradually eroded, and the global economy will lose a key stabilizer. The worst-case scenario is a complete collapse of market confidence, triggering a large-scale asset revaluation.

The bottom line is: regardless of the direction it takes, uncertainty itself is a factor that risk assets need to digest. As "digital gold," BTC’s performance during macro risks is worth continuous observation, as is ETH’s role as on-chain infrastructure. The rules of the global financial system are being rewritten—are you ready with your asset allocation?