I just looked at the charts and it looks like a classic panic sell-off day. Bitcoin dropped below 68,000, ETH is holding steady but hanging by a thread at the 2,000 level. Solana fell the most among the major coins. The overall market lost about 87 billion dollars in a day. The usual story — when Bitcoin goes down, altcoins go down even faster.

The reason? The US jobs report was worse than expected. The economy lost 92,000 jobs in February, unemployment rose to 4.4% instead of the expected 4.3%. And wages are still rising, oil is more expensive due to tensions in the Middle East. For the Fed, it’s a trap — they can’t cut rates because of inflation, they can’t raise them because jobs are being lost. The result — investors panic and sell everything that looks risky. And crypto currently looks very risky.

The fear index is at 23 out of 100, cryptocurrencies are trading almost like the S&P 500 — meaning no one is paying attention to fundamentals, only to the global economic situation. ETH at 2,000 is a critical line. If it breaks through, it will get worse. The next support for Bitcoin is at 65,000 if 68,000 doesn’t hold.

There are a few things on the horizon that could change the game. The Fed meeting on March 18 — if there are hints of rate cuts, money will return. The CLARITY law in early April will give institutions what they’re waiting for. A change in Fed leadership in May could shift the entire mood. But until that happens, the market is just sitting in fear. Bitcoin leads, altcoins accelerate the move. Right now, it’s a move downward.