Following Federal Reserve Chairman Kevin Warsh's announcement that interest rates would remain unchanged, the US market experienced a pullback. US stocks, gold, and crypto assets all weakened, indicating that investors remain cautious about inflation and policy prospects.

Large-scale liquidations occur in the crypto market

The article cites CoinGlass data showing that $491.36 million was liquidated in the crypto market in the past 24 hours. Under pressure on risk assets, Bitcoin had previously fallen below $60,000, dragging down the broader crypto market.

S&P 500 and gold both fell.

Besides crypto assets, traditional markets also saw a pullback. The S&P 500 fell 91.5 points, or 1.21%. Gold prices retreated to $4,270 after the Federal Reserve's statement.

Inflation and the situation in the Middle East remain the focus.

The article links the recent market weakness to the US inflation rate rising to 4.2% in May 2026. The report notes that the US-Iran conflict disrupted global energy supplies and pushed up crude oil prices, further increasing inflationary pressures.

With the relevant memorandum of understanding reached and the Strait of Hormuz remaining open, oil prices have begun to decline. If inflation subsequently cools down, sentiment towards risk assets may recover.

The market is also digesting liquidity pressures.

The report also mentioned that the market experienced a liquidity drain before SpaceX's IPO. The article stated that during the market correction that day, SpaceX's valuation shrank by approximately $190 billion.

Overall, the core message of this report is that the Federal Reserve's decision not to cut interest rates, coupled with inflation and geopolitical risks, is suppressing cross-asset performance, with volatility in the crypto market being particularly pronounced in this round of adjustments.