Short - term: Bitcoin's price volatility due to the Fed's actions indicates market uncertainty. In the short term, prices may continue to swing wildly as investors adjust to new regulations. Long - term: For mainstream cryptos like Bitcoin, if the regulatory sandbox provides a clear path for banks to engage with crypto, it may attract more institutional investment, potentially driving long - term price growth. For emerging projects, they may face higher scrutiny, and those with weak fundamentals may be weeded out, while innovative ones could attract more attention if they meet regulatory requirements.