U.S. data released on Friday showed: The annual core PCE price index for February was 2.8%, higher than the expected 2.70%, with the previous value revised from 2.60% to 2.7%. The annual PCE price index for February was 2.5%, in line with the expected 2.50%, unchanged from the previous value of 2.50%. Among these, the annual core PCE price index for February was 2.8%, the highest since December 2024. Gold reached a new historical high of 3086.66 dollars per ounce, rising nearly 1% during the day. UBS has lowered its S&P 500 index target for the end of 2025 from 6600 points to 6400 points (the current S&P 500 index is at 5585 points).
Back to the point:
During the hearing by the U.S. Senate Banking Committee on the nomination of Paul Atkins to serve as the head of the U.S. Securities and Exchange Commission (SEC), Atkins stated: Digital assets are a top priority this year, and establishing feasible rules and regulatory clarity for cryptocurrencies will unleash innovation in the U.S., open new markets for investors, and enhance the U.S.'s position as a global leader in technology and finance. Bitcoin Laws reported: The South Carolina BTC Reserve Bill (H4256) will allow the state treasurer to invest 10% of state funds in BTC, with a BTC reserve cap of 1 million BTC. This bill was proposed by Representative Jordan Pace. The U.S. Senate passed a resolution by a vote of 70 to 28 to repeal the controversial cryptocurrency tax regulations from the Biden administration; the bill will be submitted for Trump's signature. This rule previously required certain DeFi platforms to report user trading information as securities brokers and issue 1099 forms, raising privacy and compliance concerns. BlackRock's BUIDL fund surpassed 1.9 billion dollars, with a 203.63% increase over the past 30 days. The French state bank Bpifrance launched a 25 million euro fund to invest in emerging crypto tokens in France. The French company Blockchain Group increased its holdings of 580 BTC for approximately 47.3 million euros. Terra stated that its creditor claims portal is expected to open on March 31, with a submission deadline of April 30.
ETH developer Terence stated that the Pectra upgrade for ETH is tentatively scheduled to go live on the mainnet on April 30. Paul Atkins, nominated by Trump to head the SEC, revealed that he holds up to 6 million dollars in crypto-related assets. On March 28, a government address in the U.S. sent 97.336 BTC to an address starting with bc1q7q. The U.S. government address sent ETH worth 1.77 million dollars to the new address '0xBf7'. QCP stated: Trump has escalated tensions by announcing a 25% tariff on imported cars, set to take effect on April 3, while implementing long-anticipated tariffs on the U.S.'s largest trading partners. In the crypto market, despite some noteworthy catalysts, sentiment remains low, with the only highlight being the continued inflow of funds into BTC ETFs, totaling 944.9 million dollars since the expiration on March 14. The market is waiting for Trump's next move in this escalating trade situation. Real Vision's chief analyst Jamie Coutts stated that the decline is attributed to Trump's newly implemented tariffs and uncertainty regarding U.S. interest rates. Despite recent fluctuations in the U.S. macroeconomic situation, the market may have underestimated the speed of BTC's rise. Based on easing financial conditions and a weakening dollar, BTC is likely to reach a new historical high before the end of the second quarter, regardless of whether Trump's tariff policy and potential economic recession concerns become clearer; this prediction still holds true.
On March 27, the U.S. BTC spot ETF saw an inflow of 89 million dollars, while the ETH spot ETF experienced an outflow of 4.2 million dollars. The BTC spot ETF has had net inflows for 9 consecutive days. Glassnode data: Since March 11, BTC whales have accumulated over 129,000 BTC, with a total value of 11.2 billion dollars, marking the most significant BTC accumulation rate since August 2024, indicating that the largest market participants remain confident in BTC. U.S. data released on Friday showed: The annual core PCE price index for February was 2.8%, higher than the expected 2.70%, with the previous value revised from 2.60% to 2.7%. The annual PCE price index for February was 2.5%, in line with the expected 2.50%, unchanged from the previous value of 2.50%. U.S. personal spending for February had a monthly rate of 0.4%, lower than the expected 0.5%, but higher than the previous value of -0.20%. Among these, the annual core PCE price index for February was 2.8%, the highest since December 2024. The Fed's preferred PCE inflation indicator continues to rise at a stubborn pace, and after the data was released, U.S. stocks fell further, with traders continuing to expect two 25 basis point rate cuts this year, with the first rate cut expected to be postponed to July. Trump's aggressive trade policies have raised concerns that the U.S. economy could fall into stagflation or even recession. The Atlanta Fed projected a negative GDP growth of -2.8% for the first quarter, down from a previous forecast of -1.8%.
Fed's Daly stated: Patience is needed to ensure inflation falls, and a wait-and-see approach is necessary regarding monetary policy, with reasonable expectations of two rate cuts in 2025. UBS has lowered its S&P 500 index target for the end of 2025 from 6600 points to 6400 points (the current S&P 500 index is at 5585 points, with a historical high of 6147 points). Trump issued a statement announcing a 25% tariff on all imported cars, which will take effect on April 2, causing panic in the market. On Friday, U.S. stock indexes opened, with the Nasdaq index falling by 2.7%, the S&P 500 index down by 2%, and the Dow Jones index down by 1.6%. BTC fell by 3.5%, and ETH fell by 6%. Gold reached a new historical high of 3086.66 dollars per ounce, rising nearly 1% during the day. Tether issued 1 billion dollars in stablecoins on the Tron chain. BitMEX co-founder Arthur Hayes stated that Trump's tariffs will not affect the Fed's policy, the printing press will continue to run, and global liquidity will see a new round of injections. April will be a turning point, and he predicts that the market will experience a new round of growth. Trump's uncertainties have often been bearish for the market, with the Nasdaq index falling from this year's high of 20,000 to around 17,000, with the cryptocurrency market following suit. The tax increase will take effect on April 2, and the market is nervously waiting. Next week, the U.S. will release a series of economic data (ADP employment/unemployment rate/non-farm/PMI, etc.), and the first quarter GDP expectation has been lowered to -2.8% (negative growth), with the market also waiting for the Fed to start this round of rate cuts to stabilize the economy as soon as possible. The cryptocurrency market faces many difficulties and a rocky road, waiting for a turnaround.