What does it mean?  How does this effect cryptocurrency?

It already has led to Bitcoin increasing to over $23,300 https://www.coindesk.com/business/2023/02/07/bitcoin-rises-to-233k-as-powell-repeats-disinflationary-comment/

I think it means we are beginning of the next (now current) bull market. Surprising to many already is how the markets shifted significantly at the end of December 2022 and have shown a steady increase through January and now into the first week of February 2023. If the Federal reserve meets at the next FOMC and does not raise rates, or lowers them, the run will be on! I am cautiously optimistic about it.  

I think the good news is good, but there is still a lot of sentiment that another shoe (?), or the other shoe will drop regarding more bad news for cryptocurrency in general. On the other hand, if the SEC drops the case or loses the case against Ripple (XRP), that will be another boost for cryptocurrency and will help marker prices improve.

I am hedging my bets that we are already in a bull market, though it is likely to early to tell. History will provide clarity over time. I am wondering if  I should continue to buy now, or to wait. The prices are still really low historically, but are not a great value compared to what they were the day after Christmas 2022.