Not a bad start to the year for Bitcoin. Right now, it's around $73.87k, down 0.89% over 24 hours, but what's interesting is how the markets have reacted to geopolitical tensions. When strikes against Iran occurred, U.S. stocks could have plummeted much more, but ultimately the Nasdaq only lost 0.1% at open. Gold rose 2%, oil 7%, and the dollar strengthened by 1%.

On the crypto side, gains have held steady: Ethereum +1.4%, Solana and XRP in the same range. Crypto-related stocks performed even better with double-digit advances. On the macro front, manufacturing indicators improved in February — the ISM PMI at 52.4 and the Chicago Business Barometer at 57.7 marked the first consecutive expansion in a while. It's the most sustained growth rate since May 2022.

The interesting angle: with higher-than-expected PPI inflation and rising energy prices, a rate cut by the Fed in March now seems completely ruled out. Normally, this should weigh on crypto, but markets may have already anticipated a more restrictive monetary policy. To be continued.