Svmuu News According to , influenced by escalating tensions in the Middle East and higher-than-expected US inflation data, Bitcoin's price has rapidly retreated to $72,300, marking a roughly 2% decline over 24 hours. Ethereum (ETH), Solana (SOL), and XRP have all fallen by close to 3%, putting overall pressure on risk assets. On the news front, US President Trump has issued a stronger stance against Iran, labeling it the "number one state sponsor of terrorism" and hinting at a potential further escalation of the situation. Concurrently, events such as the attack on Iran's South Pars gas field, reports of Israel assassinating an Iranian intelligence minister, and the US military's use of heavy bombs to strike missile facilities near the Strait of Hormuz have intensified market anxiety. This has driven WTI crude oil prices from around $92 to near $96.
Regarding macroeconomic data, the US Producer Price Index (PPI) for February rose 0.7% month-over-month, exceeding the expected 0.3%. The core PPI increased by 0.5%, also surpassing expectations. Notably, this inflation data does not yet account for the recent sharp rise in oil prices, further amplifying market concerns about persistent inflation and weakening expectations for interest rate cuts.
Against this backdrop, the cryptocurrency market has weakened in tandem with US stock futures, with the three major index futures turning from gains to losses of about 0.4%. Market focus is now shifting to the upcoming Federal Reserve interest rate decision and Chair Powell's remarks on growth risks and inflation pressures. Meanwhile, Trump has once again publicly called for interest rate cuts, adding a political variable to this meeting. (CoinDesk)