The Federal Reserve maintains interest rates, cryptocurrency market under pressure seeking a bottom

On March 19th, Beijing time, the Federal Reserve announced that it would keep the federal funds rate target range unchanged at 3.5% to 3.75%, in line with market expectations. However, the dot plot showed that there would only be one rate cut in 2026, a significant contraction from previous market expectations. Powell sent a hawkish signal at the press conference, clearly stating that "there will be no consideration of rate cuts until progress on inflation is seen," and even hinted that the committee has begun discussing "whether it is possible to raise rates next." This statement completely shattered the market's fantasies about easing policies.

For digital currencies, this interest rate decision constitutes a significant negative impact. After the resolution was announced, Bitcoin quickly fell below the $72,000 mark, with a decline of about 4% within 24 hours; Ethereum dropped nearly 6% to around $2,200. Over the past 24 hours, the total liquidation across the network reached $384 million, with long positions accounting for 86%, and the contract open interest significantly decreased. On a macro level, a "higher for longer" interest rate environment boosts the dollar index, creating valuation pressure on risk assets. Deeper analysis shows that the Middle East conflict has pushed oil prices above $99 per barrel, exacerbating inflationary pressures and putting the Federal Reserve in a "stagflation" dilemma. Looking ahead, Bitcoin's support is seen in the $68,000-$70,000 range; if macro sentiment continues to cool, the market may face the risk of a second bottom testing. #美联储3月议息会议

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