On March 19, Bitcoin pulled back to key support levels due to unexpected rises in US inflation data and hawkish signals from Federal Reserve Chair Powell, with losses exceeding 4.6%, currently trading around $70,800. Market expectations for rate cuts have cooled, with crypto market cap declining to approximately $2.51 trillion and sentiment cautious. If it breaks below $70,000, it could further test $65,000. Market movements remain highly dependent on macroeconomic factors.

March 19th, the cryptocurrency market experienced pullback due to the rise of the US Producer Price Index (PPI) and escalating geopolitical tensions, with total market value evaporating approximately $83 billion and Bitcoin declining to around $71,000. Market risk-off sentiment increased, altcoins performed weakly, and LayerZero dropped below $2.15. The US-Iran conflict and rising energy prices intensified inflation concerns, with market expectations for prolonged high interest rates. While US regulatory advancement in securities tokenization presents long-term benefits, it is difficult to alleviate macro pressures in the short term.

March 18: Bitcoin price fell back to $72,300, down about 2%. Ethereum, Solana, and XRP declined nearly 3%. US President Trump took a hard stance on Iran, with geopolitical tensions causing WTI crude oil prices to rise. US February PPI data exceeded expectations, with markets focusing on the Federal Reserve's interest rate decision and Powell's remarks.

On March 18, following the release of PPI data, U.S. stock index futures declined, and crypto-related stocks experienced widespread selloffs, with multiple stocks such as Strategy, CEX, and MARA all experiencing varying degrees of losses.

美國2月PPI年率為3.4%，高於預期的2.9%，創2022年以來新高，分析師指出此數據未受近期地緣政治事件影響，導致交易員下調對美聯儲2026年降息的押注。

比特幣因美國PPI超預期上升和英偉達股價下滑而回落，跌至65,735美元，周跌幅2.8%。山寨幣如Solana和以太坊跌幅更大。儘管比特幣ETF資金流入強勁，但市場整體承壓，關注價格區間支撐和未來反彈可能性。

下周宏觀事件包括美國消費者信心指數、里奇蒙德聯儲製造業指數、加拿大央行利率決議及財報發布，重點是美聯儲利率決議和鮑威爾新聞發布會，以及日本失業率和美國PPI數據。

The U.S. Supreme Court is expected to issue a ruling on the Trump tariffs case on January 14, which could trigger a large number of tariff refunds and require a lengthy litigation process. The White House economic advisor stated that there are other solutions if they lose the case. Meanwhile, the United States will release retail sales and PPI data for November, as well as relevant speeches by Federal Reserve officials.

PANews 12月9日報導，據金十報導，美國勞工統計局發佈公告稱，將不會發佈2025年10月的生產者價格指數（PPI）新聞稿。由於撥款中斷（導致政府停擺），美國勞工統計局正在延遲收集10月參考期數據。美國勞工統計局計劃於2026年1月14日隨2025年11月PPI新聞稿一併發佈10月數據。