Monetary Policy

Macquarie analysts stated that due to the Middle East conflict and uncertainties in energy prices, the timing of the Bank of Japan's next move remains unclear. The bank kept interest rates unchanged this week and may tighten policy in the future. The next rate hike is expected in July, but it could come earlier if the yen depreciates further.

Gate News reported that on March 20, according to BitcoinWorld, the People's Bank of China (PBOC) announced on March 20, 2025, its decision on the Loan Prime Rate (LPR, China's benchmark lending rate), strategically maintaining rates unchanged to preserve economic stability.

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.

CF Benchmarks' latest report indicates a significant divergence between Bitcoin price and global money supply growth. Since mid-2025, global M2 money supply has increased approximately 12%, while Bitcoin price has declined 35%. High interest rates and rising energy prices have limited capital inflows. Over the medium to long term, if the financial environment improves, Bitcoin price may have a rebound opportunity.

Gate News reports that as of March 20, cryptocurrency investment funds experienced $1.9 billion in outflows this week. Following the FOMC decision announcement, institutional investors chose to take profits and reduce risk exposure. During the same period, XRP maintained its price at the $1.44 level.

Gate News reports that on March 20, a cryptocurrency investment fund experienced a weekly capital outflow of $1.9 billion. After the FOMC decision, institutional investors took profits and reduced their risk exposure. Meanwhile, the XRP price remained at the $1.44 level.

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.

On March 20, Federal Reserve Chair Powell's investigation reached a stalemate, affecting Kevin Warsh's potential succession. The U.S. Department of Justice supported the appeal, intensifying legal disputes that could delay Warsh's appointment. Former President Trump shifted his stance to support the appeal, with the controversy continuing to unfold.

Gate News reports that on March 19, the European Central Bank (ECB) stated it is seeking specialized technical personnel to advance digital euro integration into payment infrastructure such as ATMs and bank card terminals.

The CME FedWatch tool indicates a 7.2% probability of a 0.25% interest rate increase by the Federal Reserve in April, with a 92.8% chance of rates staying the same. By June, there's a 9.2% chance of a cumulative rate hike and a 90.6% likelihood of rates remaining unchanged.

On March 19, non-USD currencies rose while the US Dollar Index fell over 1%. Multiple central banks held meetings this week and decided to maintain interest rates unchanged, remaining vigilant about inflationary risks from rising energy prices. Markets are concerned about escalating tensions in Iran and stagflation risks.

Gate News has reported that on March 19, according to BitcoinWorld, in March 2025, the Swiss National Bank (SNB) continues to maintain a dovish monetary policy stance to address the current moderate inflation environment. The Swiss National Bank is Switzerland's central bank, responsible for formulating the country's monetary policy.

Gold prices dropped below $4,600 due to rising U.S. Treasury yields and postponed Federal Reserve rate cuts, leading to decreased demand for gold as a non-yielding asset amidst market concerns.

Gate News reports that as of March 19, gold prices have recently broken below the $4,600 mark. Market analysts believe that the surge in U.S. Treasury yields (a metric measuring bond investment returns) and the Federal Reserve's (the U.S. central bank) delayed interest rate cut expectations are the primary factors pressuring precious metals prices.

Gate News reports that on March 19, the Bank of Korea is conducting large-scale testing of the Digital Won and plans to launch an AI-powered payment system by 2026. This test is an important development in the Bank of Korea's Central Bank Digital Currency (CBDC) project, aimed at exploring the application of digital currency in real-world payment scenarios.

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.

On March 19, a Bitcoin whale sold 3,500 BTC, triggering bearish market sentiment. A total of 44,459 BTC flowed into exchanges that day. Bitcoin's price was around $69,500, with analysts predicting a potential test of the $64,000 support level. Capital is also shifting toward new infrastructure projects.

Gate News reported that on March 19, US President Trump publicly stated that Federal Reserve Chairman Powell should cut interest rates.

Between 2026-03-19 15:45 to 16:00 (UTC), BTC experienced a 15-minute price range of 68787.0 to 69550.9 USDT, achieving a realized return rate of +0.74% with an amplitude of 1.11%. During the same period, market attention increased, short-term volatility intensified, and fund behavior and sentiment indicators both showed concentrated changes. The primary driver of this price movement was the conclusion of the FOMC meeting, after which the market saw no new bearish catalysts. Some short sellers chose to cover their positions, providing upward momentum to the price in the short term. Additionally, while ETF fund outflows reflected institutional profit-taking, they did not form a sustained trading