On March 12, Bitcoin's price hovered around $70,000. U.S. inflation data for February aligned with market expectations, and according to the CME FedWatch Tool, the probability of a rate cut at the Fed meeting on March 18 has plummeted to below 1%.
All four inflation data points matched Wall Street's consensus forecasts. This report, consistent with expectations, has virtually eliminated any market hopes for a policy pivot in the near term.
Bitcoin Holds $70,000 as Fed Rate Cut Odds Plunge Below 1% in March
On March 12, Bitcoin traded near $70,000 as U.S. February inflation data met expectations, and the probability of a Fed rate cut in March fell below 1%. Market hopes for a near-term policy shift are fading, and Bitcoin's price is significantly influenced by Fed policy.