Tonight, the cryptocurrency market will face multiple tests from the Federal Reserve and economic data. First, the number of initial unemployment claims in the U.S. will be announced at 20:30, and this indicator is seen as a barometer for the job market. If the unemployment numbers increase significantly, it may affect the Federal Reserve's interest rate decision, thereby having a short-term positive impact on risk assets.

Immediately after, Federal Reserve Chairman Powell and Governor Bowman will speak at 20:30 and 20:35 respectively. As key figures of the Federal Reserve, every word they say could cause market fluctuations. Investors should closely monitor any subtle changes in their attitudes towards inflation.

At 22:00, wholesale sales data will be released, which will help assess the vitality of the U.S. economy. If the data performs better than expected, it may strengthen the market's expectations for a tightening of monetary policy.

22:30, natural gas inventory data is released. As a barometer of the energy market, this data may indirectly influence inflation expectations and monetary policy assessments.

Finally, Federal Reserve Governor Barr will give a speech at 00:45 the next day, which may bring unexpected variables to the market trends of the day.

Currently, the connection between the cryptocurrency market and the macro economy has reached an unprecedented level of closeness. It is worth noting that if the employment data remains strong, it may confirm the trend of economic cooling, which could weaken the Federal Reserve's determination to continue raising interest rates significantly. Furthermore, if Powell releases any signals leaning towards moderation, it is likely to become a key factor in breaking the current market consolidation pattern.

It is important to note that due to several significant events occurring tonight, market volatility may significantly intensify during the late night hours. Investors should closely monitor any unusual fluctuations that may arise during the early morning period.

For different types of investors, it is advisable to adopt different strategies. Short-term traders may need to adjust their leverage before key events occur to cope with potential volatility. Long-term investors, on the other hand, may need to be patient and focus on the overall market trends rather than being influenced by short-term fluctuations. Regardless of the strategy adopted, risk management should always be the primary consideration for investors in this uncertain market environment.