Monetary Policy

The U.S. Department of Labor's proposal has completed White House review and will allow cryptocurrency and private equity to enter 401(k) retirement accounts, with formal rules expected to be announced within weeks. If implemented, the $12 trillion in retirement funds will be opened to alternative assets like Bitcoin for the first time, though the risks of highly volatile assets have sparked some controversy.

The Bank of Korea is recruiting 10 new employees, with some positions requiring 5 years of experience in the cryptocurrency industry, to research the impact of digital assets. This recruitment is synchronized with the restart of the CBDC plan, with a goal of distributing 25% of government subsidies in digital won before 2030, and lifting the ban on cryptocurrencies.

March 26, 2026, Bitcoin (BTC) stabilized on $71,000 support, Ethereum (ETH) reported at $2,165, both showing continuous positive returns over the past 30 days. The U.S. CLARITY Act stablecoin compromise plan is progressing, with regulatory policies set to impact the DeFi ecosystem. The SEC announced Bitcoin and Ethereum as commodities, ushering in a new ETF era. DeFi platform Balancer announced closure due to a vulnerability, sparking discussions on governance structures. In the global macroeconomic environment, the Federal Reserve maintained interest rates unchanged amid rising oil prices, facing challenges in rate cuts.

BlockBeats News, on March 26, the chairman of the U.S. Commodity Futures Trading Commission (CFTC), Michael Selig, stated that promoting the return of genuine cryptocurrency perpetual futures business to the United States is a core component of the CFTC's innovation policy agenda.

Bitcoin prices continue to rise, recently reaching $71,220. ZachXBT pointed out that Circle mistakenly froze exchange wallets related to the DFINITY ecosystem. Bloomberg analysts predict that Morgan Stanley will launch a spot Bitcoin ETF, potentially the first bank to issue such a product. The crypto market is full of news, including Solana's focus on AI internet infrastructure. Investor interest has waned, and prices are fluctuating around $70,000.

The U.S. House of Representatives Financial Services Committee held a hearing to discuss the future of tokenization and securities. The SEC Chair proposed an "innovation exemption" as a regulatory sandbox to promote innovation in blockchain assets. Significant disagreements emerged, with supporters emphasizing modernization and competitiveness, while opponents worried about creating a two-tiered market and potential risks. The industry has called for clear regulations to prevent innovation from moving overseas.

Citigroup has lowered its 12-month price targets for Bitcoin and Ethereum, signaling a shift toward caution on the cryptocurrency market's medium-term outlook, primarily due to slow progress in U.S. crypto asset legislation. Bitcoin's target was reduced from $143,000 to $112,000, while Ethereum's fell to $3,175. Despite upside potential remaining in the future, the lack of new policy catalysts suggests prices may oscillate within a range in the near term. Citigroup's assessment of Ethereum is more cautious, as it believes the asset is more significantly impacted by on-chain activity.

Crypto markets show resilience as easing geopolitical tensions and falling oil prices reduce macro pressure, setting the stage for a potential recovery in digital assets amid shifting investor sentiment and improving regulatory signals. Crypto Stability Emerges as Oil Drops and Risks

Gate News reported that on March 26, CME (Chicago Mercantile Exchange) "Fed Watch" tool data showed: the probability of the Federal Reserve raising rates by 25bp in April is 5.2%, with a 94.8% probability of maintaining rates unchanged. The probability of the Federal Reserve cumulatively raising rates by 25bp through June is 11.7%, with a 0.4% probability of cumulatively raising rates by 50bp, and an 87.9% probability of maintaining rates unchanged.

Between 2026-03-25 16:15 to 16:30 (UTC), BTC recorded a +0.90% return within the 15-minute K-line, with a price range of 70829.6 to 71746.1 USDT, reaching an amplitude of 1.29%. The short-term volatility during this period attracted market attention, with active trading driving a slight expansion in transaction fluctuations. Overall market sentiment is neutral to slightly bullish, with attention increasing marginally, but no signs of significant emotional spread were observed. The primary driver of this volatility was large account concentrated operations against the backdrop of exchange liquidity at low levels, producing a significant impact. Whale holders positioned during this window

K33 research report states that Bitcoin has recently oscillated within the $60,000 to $75,000 range, with weakening selling pressure in the market, displaying characteristics of establishing a bottom. Long-term holders tend to accumulate coins, which helps stabilize prices, but macroeconomic uncertainty remains, which may impact risk appetite and capital inflows.

European Central Bank Executive Board member Piero Cipollone said on Tuesday that the ECB expects by this summer to announce the European standards it will use for a potential digital euro, a step aimed at helping payment providers and merchants prepare their systems ahead of any issuance

The U.S. Commodity Futures Trading Commission established an innovation working group responsible for regulating cryptocurrencies, artificial intelligence, and prediction markets, with the goal of developing clear rules, ensuring market competitiveness, and providing communication channels for innovators. The group collaborates with the SEC and CFTC Innovation Advisory Committee to promote responsible innovation, maintain market order, and boost investor confidence.

The Assistant Governor of the Reserve Bank of Australia, Brad Jones, stated that asset tokenization has become a matter of how to implement it, with an estimated annual efficiency boost of approximately $16.7 billion for the economy. The RBA will establish a digital financial market infrastructure sandbox and expand the tokenization working group to promote interoperability across institutions.

Assistant Assistant Governor Brad Jones of the Reserve Bank of Australia stated that the central bank will monitor the implementation of tokenization, emphasizing the complementary nature of stablecoins and bank deposit tokens in the market. Tokenization technology is expected to enhance efficiency for the Australian economy by approximately 24 billion Australian dollars annually. To address market challenges, the central bank will collaborate with regulators and industry participants to establish testing environments and advisory groups.

Goldman Sachs noted that the recent decline in gold prices is consistent with expectations, primarily affected by rising interest rates and market volatility. Despite weakening investor demand, Goldman Sachs remains optimistic about gold's prospects, forecasting that prices will reach $5400 by year-end as central banks purchase gold to diversify assets.

Data from the UK Office for National Statistics shows that the Consumer Price Index rose 3% year-over-year in February, with core inflation reaching 3.2%. The market expects inflation to remain elevated due to Middle East conflicts and rising energy prices, which will impact monetary policy. The pound weakened slightly against the dollar, with analysts predicting the Bank of England may maintain high interest rates to counter the "second-round inflation effects."

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 on the 19th, indicating simultaneous weakening of market capital and prices. Bitcoin prices temporarily broke below $70,000, highlighting that ETF capital flows can no longer support its rebound, while deteriorating macroeconomic conditions have created pressure on risk assets, causing investor preference to noticeably contract. The test of the $70,000 level has become a barometer of short-term market sentiment.

Ripple is testing its stablecoin RLUSD in Singapore's regulatory sandbox to automate cross-border payments, partnering with Unloq to enhance trade finance. This initiative aims to streamline processes by utilizing tokenized bank liabilities, moving beyond traditional manual verification methods.

10x Research analysis indicates that Circle is facing intensified stablecoin economic competition with a certain CEX. Circle's stock price declined due to CLARITY Act uncertainty, but the legislation could bring structural benefits. Circle supports stablecoin regulation in exchange for legitimacy, while the certain CEX prioritizes short-term profitability. Their business models are at odds; under regulation, Circle may forgo high-margin distribution in exchange for sustained "regulatory certainty" and drive institutional adoption and financial integration.