CoinMeta data: In its latest research report, CoinShares states that the Fed's hawkish policy shift and the obstruction of the Clarity bill are the two major short-term pressures facing the current crypto market. The Fed believes that inflation is still too high, and the latest interest rate forecasts no longer indicate room for rate cuts before 2027, thus supporting the US dollar and short-term US Treasury yields. Coupled with the Iran conflict driving up energy prices, the likelihood of another interest rate hike within the year has increased. CoinShares believes that if inflation prospects do not improve significantly or there is no major shift in monetary policy expectations, it may be difficult for BTC to effectively break through $80,000 by the end of the year. In terms of regulation, the main disagreements regarding the Clarity bill still focus on ethical provisions, and a revised version may not be re-introduced until early next year at the earliest. Since Bitcoin's regulatory status is relatively clear, the obstruction of the bill has a limited impact on it, while Ethereum and other altcoins face greater regulatory uncertainties.