Generally speaking, the interest rate hike cycle is unfriendly to the U.S. stock and virtual currency markets. Fortunately, the current Fed rate hike cycle is coming to an end. According to the latest dot plot data, the Fed's target interest rate range will be between 4.25% and 5.00% in 2023, while the target interest rate range will decline in 2024, which means that 2023 will reach the peak of this round of interest rate hike cycles. If we look at the magnitude, the current interest rate hike process has exceeded 70%, that is, it has entered the final state of interest rate hikes. The Federal Reserve's observation tool shows that the probability of raising interest rates by 50 BP at the December interest rate meeting has risen to 80%. In addition, the probability of raising interest rates by 50 BP at the subsequent January interest rate meeting, and by 25 BP in March and May respectively is the highest. Therefore, the market expects an increase in interest rates in 2023. Interest rates will stop raising in half a year, which means that the virtual currency market in 2023 will be worse than in 2022