🏦 Macroeconomics remains the dominant driver ahead of the most important central bank week of the year. The Federal Reserve will conclude its March meeting today, March 18, followed by the European Central Bank, the Bank of Japan, and the Bank of England on March 19.
🪙 Markets have sharply reduced expectations for monetary policy easing. This is because higher oil prices are complicating the path to rate cuts, even despite weakening economic growth and labor market data. For cryptocurrencies, the conclusion is straightforward: the interest rate environment is becoming less favorable, not more so.