March 19 Crypto Market


Yesterday wiped out all the gains since the 15th—this was a stampede exit, not a pullback. From a news perspective, it's the PPI beat, but fundamentally, there's still no conviction in a bull market return. Everyone tacitly agreed to sell together.
Beyond the PPI surprise, there's also: Powell's hawkish rhetoric, crude oil and gold surging, ETF ending a 7-day winning streak, and the S&P 500 falling back to November last year levels. The risk-off sentiment is extremely strong. The time has come to test traders' ability to hold empty positions.
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