On Monday morning, Bitcoin broke through $68,600, and the cryptocurrency market rebounded significantly from the weekend lows. I checked the reaction of the U.S. stock market opening; futures initially fell more than 2% overnight, but the Nasdaq only dropped 0.1% in the end, and the S&P 500 and Dow Jones also had mild declines. Overall market sentiment has clearly improved.

Bitcoin rose 2.3% over the past 24 hours, Ethereum increased by 1.4%, Solana and XRP are also rising, with similar gains. Interestingly, crypto-related stocks performed even more strongly, with Circle jumping 12%, MicroStrategy up 6%, and Galaxy Digital up 4.7%. It seems institutional confidence in crypto is recovering.

From a macro perspective, the U.S. ISM Manufacturing PMI reading is 52.4, continuing two months of expansion. The Chicago Business Barometer rose to 57.7 last Friday, marking the second expansion signal since November last year. Coupled with rising tensions in the Middle East, increasing oil prices, and last week's PPI data exceeding expectations, the market now largely rules out the possibility of a rate cut in March. Before the Federal Reserve meeting on the 18th, the probability of a rate cut is almost nonexistent. This rebound is likely a reassessment of economic resilience.