In recent times, that's the major event that has acted as a catalyst for some rapid market movements (up or down). Someone made a post on X recently about an observation that news are beginning to move prices because they stopped moving prices a while ago. A project might do a v2 Mainnet update and you won't see price react to it — The Powell news is a major macro news imo. Another news that often move price in both crypto and stocks is CPI. PPI doesn't have the same effect unfortunately.
People before now do think news moving prices was mostly particular to currency and stock trading maybe but then it turned out that as Bitcoin and other cryptocurrency are beginning to gain more adoption and recognition, the news about them begin to have a direct effect on the market because people are begining to react in that direction as to whatever it is they hear about these assets at almost every time.
The higher the number of population is in the bitcoin world then the more reactions you are going to get. It is not the same result telling 100k people something bad, versus telling 100 million a bad thing. The number of people in the crypto world got higher, and because of this we are going to end up with more volatility due to millions and millions of people reacting to news.
Obviously the price is higher now, so volatility could be balanced that way, since it requires billions to move it an inch, and we need to realize a lot more money is required along with it. Still, volatility exists and moves quickly to each direction, because there are many people who react to news and this is why we are going to end up with results that will not be easy to handle at all.