Despite the decentralized nature of cryptocurrency, the FOMC which is the Federal Open Market committee is the agency responsible for dollar rates and other interest rate hike, under direction from the Feds. It also holds Bitcoin traders to ransom with this power it wields over the crypto in controlling the market to avoid inflation and crash of markets like what happened to FTX.
Saying that regulators control Bitcoin market is an overstatement. Their actions might influence it, but there's also a lot of other factors that cause price change, most notably halvenings. There's no entity in this world that can decide precisely what the Bitcoin price will be tomorrow, because Bitcoin's supply is distributed among millions of people and it is traded on a free and global market, and we are already at the point when most of coins have been mined. And both the network and software are not controlled by a single entity.