Monetary Policy

U.S. regulators established a framework to classify digital assets into five groups, enhancing jurisdiction clarity. This includes commodities overseen by the CFTC and securities by the SEC, with special treatment for stablecoins and utility tokens based on usage.

Fidelity says U.S. market infrastructure can support crypto trading under existing laws without building new systems. Firm backs SEC Crypto Task Force efforts, stressing collaboration to address technical and regulatory challenges. Integration into regulated systems could expand access

US Securities and Exchange Commission Chair Paul Atkins proposed a new cryptocurrency asset regulatory framework that clarifies which tokens are not securities and simplifies compliance pathways through measures such as "startup exemptions" and "investment contract safe harbors," aimed at providing crypto enterprises with clearer fundraising guidance and signaling a policy shift in SEC oversight.

Bitcoin recently touched $75,000 but failed to sustain the level, pulling back to $74,000, reflecting cautious sentiment among investors ahead of the upcoming Federal Reserve interest rate decision. Geopolitical risks and elevated energy prices have driven inflation higher, affecting market expectations for rate cuts and pushing the timeline for cuts to year-end. Technical analysis shows Bitcoin remains strong but has not confirmed a decisive breakout above the $75,000 level, with limited upside potential in the near term.

US Bitcoin spot ETFs have turned to outflows following seven consecutive trading days of net inflows, indicating a shift toward more conservative capital allocation. Bitcoin price briefly fell below $70,000, reflecting weakened market sentiment and capital flows. ETF outflows stem from market reassessment of the macro environment, as investors reduce risk appetite amid elevated interest rate expectations and geopolitical risks. $70,000 has become a near-term technical dividing line between bulls and bears, with technical indicators suggesting market confidence still needs to be restored.

The U.S. Commodity Futures Trading Commission (CFTC) recently released an FAQ clarifying the rules for using cryptocurrencies as margin in derivatives markets, specifically setting capital deduction rates of 20% for Bitcoin and Ethereum and 2% for stablecoins. The pilot program will be limited to three coin types in the first three months, after which it will expand to additional cryptocurrencies and relax reporting requirements. Qualifying crypto assets may be used as margin, marking a gradual acceptance of blockchain assets within the U.S. financial system.

Citigroup has lowered its target prices for Bitcoin and Ethereum, indicating a cautious outlook on the medium-term prospects of the crypto market. The Bitcoin target price has been reduced from $143,000 to $112,000, while Ethereum's has been lowered from $4,304 to $3,175, mainly due to slow progress in U.S. cryptocurrency legislation. Although there is still room for upward movement over the next year, the market may remain volatile in the short term, with Ethereum's valuation becoming more reliant on fundamentals.

Lawmakers and regulators are making progress on crypto policy, with a stablecoin yield proposal anticipated soon. The SEC and CFTC classified most crypto assets as non-securities, designating several as digital commodities.

CFTC permits Bitcoin, Ethereum, and stablecoins as margin collateral with strict valuation haircuts and risk controls applied. Stablecoins receive lower capital charges than BTC and ETH, reflecting reduced volatility in margin calculations. Firms must meet reporting, cybersecurity, and

Escalating tensions in the Middle East and the Federal Reserve's hawkish stance have impacted global financial markets. Gold plummeted more than 10% this week, marking its worst performance since 1983, while oil prices surged to historic highs. In contrast, Bitcoin rose against the trend, indicating a flow of capital toward crypto assets. The market continues to face uncertainty, and volatility in risk assets may persist.

Bitcoin recently touched $75,000 but failed to sustain the level, pulling back to $74,000, reflecting cautious sentiment among investors ahead of the upcoming Federal Reserve interest rate decision. Geopolitical risks and elevated energy prices have driven inflation higher, affecting market expectations for rate cuts and pushing the timeline for cuts to year-end. Technical analysis shows Bitcoin remains strong but has not confirmed a decisive breakout above the $75,000 level, with limited upside potential in the near term.

The macro risk of Bitcoin is rooted in the nearly depleted liquidity buffer within the financial system rather than oil price fluctuations. With the Fed's reverse repo mechanism losing effectiveness, Bitcoin's reliance on macro liquidity increases, raising concerns about potential market shocks and their impact.

Citigroup has lowered its target prices for Bitcoin and Ethereum, indicating a cautious outlook on the medium-term prospects of the crypto market. The Bitcoin target price has been reduced from $143,000 to $112,000, while Ethereum's has been lowered from $4,304 to $3,175, mainly due to slow progress in U.S. cryptocurrency legislation. Although there is still room for upward movement over the next year, the market may remain volatile in the short term, with Ethereum's valuation becoming more reliant on fundamentals.

Rising oil prices due to the US-Iran conflict are heightening inflation concerns, affecting investor behavior and prompting risk aversion in markets, especially cryptocurrencies. Policymakers remain cautious, suggesting potential delays in rate cuts amid worsening inflation forecasts from the IMF.

Lawmakers and regulators are making progress on crypto policy, with a stablecoin yield proposal anticipated soon. The SEC and CFTC classified most crypto assets as non-securities, designating several as digital commodities.

Bitcoin declined to $70,000 due to steady interest rates from the Federal Reserve and rising energy prices, leading to $600 million in liquidations and increased market volatility, particularly affecting altcoins.

The European Central Bank has launched a digital euro technology recruitment initiative, with a focus on developing implementation standards for ATMs and payment terminals, and establishing an authentication framework. The project plans for a pilot in 2027 and issuance in 2029, aimed at strengthening monetary sovereignty, addressing the challenges posed by private stablecoins, and ensuring that the digital euro has universal applicability and convenience.

Morgan Stanley has pushed back its expectations for Federal Reserve rate cuts to September and December, as oil price increases driven by Middle East geopolitical conflicts have raised inflation expectations and constrained the scope for accommodative policy. Market reaction shows weakening expectations for rate cuts, with the timing of future cuts dependent on inflation data and economic performance.

US Securities and Exchange Commission Chair Paul Atkins proposed a new cryptocurrency asset regulatory framework that clarifies which tokens are not securities and simplifies compliance pathways through measures such as "startup exemptions" and "investment contract safe harbors," aimed at providing crypto enterprises with clearer fundraising guidance and signaling a policy shift in SEC oversight.

Bitcoin recently touched $75,000 but failed to sustain the level, pulling back to $74,000, reflecting cautious sentiment among investors ahead of the upcoming Federal Reserve interest rate decision. Geopolitical risks and elevated energy prices have driven inflation higher, affecting market expectations for rate cuts and pushing the timeline for cuts to year-end. Technical analysis shows Bitcoin remains strong but has not confirmed a decisive breakout above the $75,000 level, with limited upside potential in the near term.

Recently, U.S. Bitcoin spot ETFs experienced significant outflows after consecutive seven trading days of net inflows, with net outflows of $163.5 million on the 18th and an additional $51.9 million flowing out on the 19th, indicating simultaneous weakening of both market capital and price. Bitcoin price briefly fell below $70,000, highlighting that ETF capital flows can no longer support its rebound, and the deteriorating macroeconomic environment is putting pressure on risk assets, causing investor preferences to contract significantly. The test of the $70,000 level has become a barometer of short-term market sentiment.

Citigroup lowered its 12-month Bitcoin price target to $112,000, primarily due to the stalled progress of the U.S. CLARITY Act in the Senate, which has dampened regulatory expectations. Meanwhile, Ethereum's price target was also adjusted to $3,175, facing dual pressure from policy delays and weakening on-chain activity. Analysts pointed out that future legislative opportunities are shrinking, and the market needs to recalibrate its risk assessment.

SEC Chair Atkins emphasized that the recently released crypto asset interpretive guidance is an important starting point for regulation, with the key next step being congressional legislation. The stablecoin bill is nearing completion, and the market structure bill is also progressing, both of which could improve the regulatory environment. However, administrative interpretations have limited stability, and true binding authority still requires legislation to ensure. Long-term regulation remains uncertain.

Citigroup has lowered its 12-month target prices for Bitcoin and Ethereum mainly due to delays in U.S. cryptocurrency legislation and increased macroeconomic uncertainty, indicating a cautious market attitude toward the medium-term outlook for crypto assets. After the revision, the target price for Bitcoin is now $112,000, and for Ethereum, $3,175. In the short term, the market may trade within a range amid ongoing uncertainty, and regulatory clarity may take longer to emerge.

SEC Chair Paul Atkins stated that only one class of crypto assets is subject to securities laws, with most digital assets falling outside its jurisdiction, and emphasized that different regulatory approaches will be adopted. As the CLARITY Act advances, legislation is critical to providing a durable framework for crypto regulation. Stablecoin regulatory issues remain unresolved, with obstacles existing before the bill passes, but progress is optimistic.

Federal Reserve FOMC Holds Rates Steady, But Hawkish Dot Plot Rattles Market Confidence. Bitcoin Plummets Over 7% from $74,272 to $68,934, ETH Breaks Below $2,100. Across all exchanges, $458 million in liquidations occurred, affecting over 128,000 traders. Silver and gold also plunged in tandem, intensifying market fear sentiment as the indicator drops into the extreme fear zone.

Bitcoin has recently been affected by supply shocks and geopolitical pressures, with prices declining from their highs to approximately $69,500. Large volumes of bitcoin entering exchanges have triggered market panic. Major sellers include dormant wallets resuming activity and early investors taking profits. Technically, bitcoin has broken below the $72,000 support level, with $64,000 becoming a critical support level. A breach of this level could expose the asset to further downside risk.

Rising oil prices due to the US-Iran conflict are heightening inflation concerns, affecting investor behavior and prompting risk aversion in markets, especially cryptocurrencies. Policymakers remain cautious, suggesting potential delays in rate cuts amid worsening inflation forecasts from the IMF.

Lawmakers and regulators are making progress on crypto policy, with a stablecoin yield proposal anticipated soon. The SEC and CFTC classified most crypto assets as non-securities, designating several as digital commodities.

Bitcoin declined to $70,000 due to steady interest rates from the Federal Reserve and rising energy prices, leading to $600 million in liquidations and increased market volatility, particularly affecting altcoins.

Trump is calling for the Federal Reserve to immediately convene a special meeting to cut rates, emphasizing that now is the time for action and noting that lower interest rates would help reduce national debt servicing costs and stimulate the economy. Despite his pressure, market expectations for this rate cut remain low, as the Federal Reserve faces challenges from inflation and rising oil prices and may not quickly adjust policy. The crypto market has already priced in expectations of no rate cut, with focus shifting to the Federal Reserve's future policy direction.

SEC and CFTC introduced a framework classifying tokens into securities, commodities, and digital tools. Regulators said mining, staking, and airdrops do not qualify as securities under federal law. The guidance marks a shift toward clearer rules, with formal proposals expected in coming w

Yesterday, BTC fell from $73,000 to $71,000 due to declining US stocks and deteriorating Middle East conditions, with risk-off sentiment heating up in the market. The Federal Reserve kept interest rates unchanged, with Powell emphasizing that the US employment market and energy crisis make decision-making difficult, indicating uncertain economic prospects ahead that could impact both stock and crypto markets.

The U.S. Securities and Exchange Commission (SEC) released a formal 68-page interpretive guidance document explaining how federal securities laws apply to specific crypto assets. The document states that many crypto assets themselves are not securities, but may be subject to regulation in certain contexts due to involvement in "investment contracts." Additionally, the SEC and CFTC established a crypto asset classification framework that emphasizes the concept of non-security crypto assets and provides clear definitions for activities such as protocol mining and staking, aiming to provide the market with clearer regulatory guidance.

US Securities and Exchange Commission Chair Paul Atkins proposed a new cryptocurrency asset regulatory framework that clarifies which tokens are not securities and simplifies compliance pathways through measures such as "startup exemptions" and "investment contract safe harbors," aimed at providing crypto enterprises with clearer fundraising guidance and signaling a policy shift in SEC oversight.

Bitcoin recently touched $75,000 but failed to sustain the level, pulling back to $74,000, reflecting cautious sentiment among investors ahead of the upcoming Federal Reserve interest rate decision. Geopolitical risks and elevated energy prices have driven inflation higher, affecting market expectations for rate cuts and pushing the timeline for cuts to year-end. Technical analysis shows Bitcoin remains strong but has not confirmed a decisive breakout above the $75,000 level, with limited upside potential in the near term.

The Bank of Japan maintained its policy rate at 0.75% in its March 19 decision and indicated that further rate hikes may be possible as the economic outlook improves. It particularly emphasized that oil price increases triggered by Middle East tensions will impact inflation. Market expectations suggest potential rate hikes could resume in May or July, with ongoing attention needed to the risks of yen carry trades.

According to Polymarket data, the probability of a ceasefire between the US and Iran by March 31 is 7%, indicating the market's pessimistic view on the conflict. The Federal Reserve decided on Wednesday to keep interest rates unchanged and raised its inflation expectations for 2026, under which impact Bitcoin fell nearly 4% to $71,017. Market volatility simultaneously affected Brent crude oil and the stock market, demonstrating the complex situation resulting from the interweaving of various factors.

US federal debt surpassed $39 trillion for the first time, with 30-year Treasury yields climbing to nearly 4.9%. Despite deteriorating fiscal prospects, overseas holdings of US Treasuries increased by $34.8 billion in January, defying the trend and signaling robust foreign demand for US debt. Analysts note that holdings of US Treasuries are driven not only by attractive yields but also by their unparalleled liquidity. The complex signals sent by high debt levels and elevated yields will shape future market directions.

The Bank of Korea has expanded the Hangang Project with additional banks, advancing its digital won initiative to phase two, focusing on large-scale implementation, payment fee reduction for businesses, and potential AI integration.

Iran's largest South Pars oil field was bombed, followed by retaliatory attacks on Qatar's energy hub, causing Brent crude oil to break through $110 per barrel. Global stock markets plummeted, and the crypto market was also affected. This geopolitical tension could trigger a larger-scale energy crisis, having a critical impact on future market trends.

Bitcoin's price has pulled back to around $70,990, the Federal Reserve has kept interest rates unchanged, and the U.S. SEC has approved Nasdaq to support tokenized stock trading. The Algorand Foundation has laid off 25% of its workforce due to market downturn. U.S. stocks have declined, with inflation and geopolitical tensions becoming focal points for investors.

Bitcoin fell to $70,767 on March 19 following hawkish signals from Federal Reserve Chairman Powell, who warned that rising oil prices could exacerbate inflation; meanwhile, U.S. military troop reinforcements in the Middle East heightened geopolitical risks. The $70,000 level is a critical support for Bitcoin, and a break below it could accelerate further downside.

The Federal Reserve kept the federal funds rate unchanged at 3.5% to 3.75%, with Fed Chair Powell pointing out the uncertainty of war on inflation. The three major U.S. stock indices fell, with Bitcoin temporarily pulling back to $70,500. February PPI rose more than expected, oil prices surged to $107, intensifying inflation concerns. Market confidence has not fully recovered, though institutional fund inflows into Bitcoin ETFs indicate warming sentiment.

US cryptocurrency spot ETF fund flows have shown a notable warming trend recently. On the eve of the Federal Reserve's interest rate decision, investors' willingness to allocate to digital assets has rebounded, driving consecutive daily net inflows into Bitcoin and Ethereum spot ETFs. On the 17th, the US Bitcoin spot ETF recorded approximately $199.4 million in net inflows for a single day, marking the seventh consecutive trading day of capital inflows and creating the longest consecutive inflow record in nearly five months. On the same day, the Ethereum spot ETF also recorded approximately $138.2 million in net inflows, continuing positive flows for the sixth day. From a single product perspective, Bitcoin spot ETF capital inflows remain concentrated among large issuers. According to Farside Investors data, on the 17th, BlackRock's IBIT attracted $169.3 million in net inflows for the day, while Fidelity's

The crypto market experienced a sharp decline on the evening of the 18th, with Bitcoin falling below $71,000 and Ethereum dropping to $2,200. The causes include U.S. PPI data exceeding expectations, which reduced the likelihood of Federal Reserve rate cuts; escalating Middle East conflicts increasing geopolitical risks; and gridlock in the U.S. Congress over crypto regulations. Market sentiment was severely damaged, with 110,000 people liquidated in just 4 hours, resulting in losses of $300 million.

On the evening of March 18, the cryptocurrency market experienced severe volatility, with Bitcoin and Ethereum prices plummeting. Global liquidation amounts approached 3 billion dollars, and over 100,000 investors were forced to liquidate their positions. The market remains sensitive to Federal Reserve interest rate policy and geopolitical impacts, with concentrated long leveraged positions triggering a cascade effect. Even on decentralized trading platforms, massive loss events remind the market that risks persist.