Markets
What to know:
- After sulking through most of the U.S. morning, bitcoin, that mercurial enfant terrible of finance, decided to charm its way above $70,000 just as oil, ever the drama queen, tumbled $3 per barrel.
- With the ongoing theatrical spectacle of a war against Iran, crude’s every pirouette seems to have become the prima ballerina of market sentiment this week.
- February U.S. inflation data, behaving with all the predictability of a well-bred but slightly dull cousin, reassured the world that the Fed is unlikely to play the role of benevolent rate cutter in March or April.
After retreating sulkily to the $69,000 neighborhood in the early U.S. morning, bitcoin leapt like an aristocrat escaping a tedious dinner to nearly $71,000.
Other crypto companions-ether (ETH), solana (SOL), and XRP-also joined this impromptu masquerade, soaring with all the elegance of a waltzing duchess.
The motive? Crude oil, in a fit of temper, reversed its morning grandeur, shedding $3 per barrel in mere minutes. At press time, WTI crude futures for April strutted at $85, up 2%-because even oil enjoys a modest flirtation with success.
This whimsical decline also pleased the stock market, with Nasdaq transforming from a frown into a polite 0.5% smile in early trade.
Crypto-related shares performed a curious minuet: Strategy (MSTR), Galaxy Digital (GLXY), and Bullish (BLSH) advanced politely, while Coinbase (COIN) and eToro (ETOR) sulked ever so slightly.
As oil continues its melodramatic reign, risk markets have been dancing to its tune all week. Stocks and crypto plunged on Sunday as oil flirted with $120, then pirouetted back, leaving investors dizzy but amused.
Fresh inflation data
Wednesday’s February CPI report, as obedient as a well-trained poodle, rose 0.3% month-to-month, nudging the 12-month inflation rate to a respectable 2.4%. Yet next month, with the U.S.-Iran war playing its hand, the Fed faces a choice: respond to a fleeting tantrum or assert its hawkish elegance after being caught napping last cycle.
Stephen Coltman, head of macro at 21shares, warns that the Fed’s next move will be as closely scrutinized as a debutante at her first ball, with investors eagerly awaiting hints of their reaction.
As for bitcoin, he quips, the rise in next month’s data is “already baked in the cake,” proving once again that in crypto, as in society, one must expect the unexpected-and smile while doing so.
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2026-03-11 17:36