The Federal Reserve announced the launch of a new round of government bond purchase program. From mid-December this year to early January next year, the Fed will buy bonds in phases, with each operation maintaining a scale between $6.8 billion and $8.16 billion.

Such regular purchase measures have traditionally been interpreted as signals of liquidity release. In the short term, they can alleviate market interest rate pressures; in the long term, they create a relatively loose financing environment for risk assets such as stocks and cryptocurrencies.

However, to be fair, relying solely on policy benefits is not enough. A breakthrough in market psychology is the key — investors need to first overcome those cyclical dilemmas that trouble them, so that digital assets can truly usher in a new wave of upward momentum.