On June 19, it was reported that as of 14:00 (UTC+8) on June 19, 2025, Bitcoin was quoted at US$105,124, with limited fluctuations in the past 48 hours, remaining between US$103,000 and US$108,000. The market continues to wait and see the development of the situation in the Middle East. Bloomberg quoted information as saying that the United States may be preparing to intervene in the conflict between Israel and Iran, triggering a rise in risk aversion and placing slight pressure on crypto assets. At the same time, the Federal Reserve left interest rates unchanged in its latest policy statement and lowered its forecast for a rate cut in 2026. Chairman Powell stressed that he would adhere to "data-oriented" and remain cautious about short-term easing expectations. The market generally interprets it as a biased stance. Affected by this, risky assets were under pressure, gold rose, and the crypto market followed the correction. Ethereum reported US$2,525, down about 0.5% in 48 hours; Cardano and Solana both fell more than 2.5%, and memes such as dogcoin and $TRUMP fell simultaneously. Overall market risk appetite fell and trading volume shrank. On the policy front, Trump issued a document supporting the stablecoin regulation bill GENIUS and urged the House of Representatives to pass it as soon as possible. Although relevant news has boosted crypto concept stocks such as Circle, the overall market sentiment remains conservative. 4E reminds that the current encryption market is at the intersection of macro uncertainty and regulatory transition. The short-term trend is still dominated by policy and geographical risks. Investors should pay attention to risks and respond cautiously to market fluctuations.