Fed Governor Notes Fading Crypto Euphoria; Chinese Exchanges Tighten Rules; Senators Query UAE Stake in WLFI

Morgan Stanley "delays" expectations of a Federal Reserve rate cut, with the first reduction expected in September

Morgan Stanley has pushed back its expectations for Federal Reserve rate cuts to September and December, as oil price increases driven by Middle East geopolitical conflicts have raised inflation expectations and constrained the scope for accommodative policy. Market reaction shows weakening expectations for rate cuts, with the timing of future cuts dependent on inflation data and economic performance.

Oil Price Shock Coupled with War Risk, Bitcoin Key Support in Critical Condition: 65K May Be Next Target

Middle East tensions escalating and surging energy prices have impacted global markets, with Bitcoin experiencing significant price volatility and briefly breaking below $69,000. Federal Reserve policy has intensified market pressure, with analysts believing that rising energy prices will constrain asset performance, particularly Bitcoin. Currently, Bitcoin's trajectory depends on the macroeconomic environment, with $69,000 serving as a key short-term support level.

A breakthrough in stablecoin yields emerges: Senate advances the CLARITY Act, and the White House may be forced to make concessions.

On March 20, the U.S. Senate saw a breakthrough in stablecoin yield legislation discussions, with the key focus on building a compromise framework. Senators pointed out that the emphasis has shifted toward identifying stakeholders rather than bill details, while the White House maintains a cautious stance. The latest discussions plan to limit the use of traditional financial terminology, aimed at reducing regulatory pressure. Stablecoin-related business has become an important part of platform revenue, and policy changes could impact business models. The probability of the bill passing in 2026 is estimated at 61%.

White House Secret Report May Rewrite Stablecoin Regulation: Senator Pressures for Disclosure, Bank Deposit Outflow Controversy Faces Turning Point

# Key Variable Emerges in U.S. Stablecoin Regulation A research report from the White House Council of Economic Advisers has become a focal point of controversy, arguing that stablecoins have limited impact on traditional bank deposits. Multiple Republican senators are demanding the report be made public to advance the Digital Asset Market Transparency Act. Signals from the Treasury Secretary indicate support for easing bank capital constraints, with policy pathways at a critical juncture.

US Dollar Surges to Around 99.50, Affected by Fed's Hawkish Stance and Middle East Situation

Gate News reports that on March 20, the U.S. dollar surged significantly in global markets, with prices approaching the 99.50 level. This rally was driven by two main factors: First, the Federal Reserve maintained its hawkish stance (referring to a tendency toward rate hikes or maintaining high rates to control inflation), and second, ongoing geopolitical tensions in the Middle East region.

Bitcoin and Gold Under Synchronized Pressure: How Surging Oil Prices and High Interest Rates Reshape Safe-Haven Asset Logic?

In the context of escalating conflicts between the United States, Israel, and Iran, traditional safe-haven assets such as gold and Bitcoin face dual pressures. Rising oil prices push up inflation expectations, delaying Federal Reserve rate cuts and reducing gold's appeal; meanwhile, Bitcoin's price retreats due to tightening macro liquidity. Despite sustained inflows into Bitcoin ETFs, elevated oil prices and tight monetary policy may continue to suppress performance of both asset classes in the near term.