According to CoinMeta, the Bitcoin market has become independent before the Federal Reserve's interest rate decisions and no longer follows the US dollar index or the US stock market. CoinMarketCap data shows that the short-term correlation between Bitcoin and the US dollar index has dropped to near zero, and the positive correlation with the stock market is also weakening. CoinMarketCap The head of the research, Alice Liu, stated that the short-term correlation between Bitcoin and the US dollar index is +0.08, while in the past 30 days, the correlation with the S&P 500 has dropped from 0.75 to 0.43, the correlation with NASDAQ has dropped from 0.60 to 0.30, and the correlation with gold has dropped from 0.69 to 0.28. This decoupling of the market is related to the recent focus on regulatory concerns regarding the "Clear Act," which failed to pass a key Senate procedural vote on Tuesday, causing traders' attention to shift. The Federal Reserve is expected to raise interest rates by 25 basis points, and the market generally believes that this move has already been priced in. Investment banks still predict more interest rate hikes throughout the year.