Bitcoin Stabilizes at $70,000, Crypto Market Resilient Amid Iran Risks
Bitcoin held steady on Wednesday (March 11th), holding around $70,000 as the Middle East conflict continued, keeping the market cautious despite some easing of pressure following oil's correction from early-week peaks. Bitcoin was last up 1.2% at $70,639.9 as of 5:03 PM ET, after briefly dropping to the mid-$60,000s in recent days.
Crypto sentiment remains heavily dependent on the dynamics of the US-Israel war against Iran, which has disrupted energy supplies and threatened shipping lanes in the Strait of Hormuz. Oil prices briefly approached $120 per barrel when the effective closure of the strait sparked concerns of a supply shock, before recovering after President Donald Trump said the conflict could end "soon." However, signs of a rapid de-escalation remain limited as fighting around the Gulf continues.
US inflation data, which is in line with expectations, tends to be overlooked as it is considered "backward-looking" before the impact of the energy shock fully penetrates the data. February's CPI rose 0.3% (m/m) and 2.4% (y/y), while core CPI rose 0.2% (m/m) and 2.5% (y/y). The market is now pricing in another interest rate cut in September, with a roughly 43% chance of an additional cut before the end of the year and a nearly 100% probability of rates being held at the Fed's March 18 meeting.
In Washington, attention is also focused on efforts to resume discussions on the CLARITY Act after a previous stall, including negotiations regarding stablecoin yield rules, a point of friction between banks and the crypto industry. In altcoins, movement was positive but limited: Ethereum rose 1.2% to US$2,067.42, XRP rose 0.1% to US$1.3915, Solana rose 1.2%, and Cardano rose 0.4%.
Source: Newsmaker.id
