By Omkar Godbole (All times ET unless indicated otherwise)

The big news of the past 24 hours is that the Fed, the world’s most powerful central bank, is unlikely to provide a meaningful bullish catalyst in the near term, and markets are reacting negatively.

As sentiment weakens, capital is flowing not just out of altcoins but also out of bitcoin BTC$70,192.09 and into stablecoins, which are essentially tokenized versions of the U.S. dollar.

The Fed on Wednesday kept U.S. interest rates unchanged, explicitly warned of a high degree of uncertainty and offered no hints on what the inflation-activity balance could look like following the Iran war-led oil price spike.

Bitcoin dipped below $70,000 early today and is now down 1% since midnight UTC, extending the decline from nearly $76,000 earlier this week. The CoinDesk 20 Index and major tokens such as ether (ETH), solana (SOL) and XRP (XRP) are following BTC's lead.

Bitcoin's dominance also dropped, falling to 58.7% from 59.4% in three days. In other words, its share of the total crypto market has declined with the price, a sign that even the largest cryptocurrency is seeing capital outflows. Traditionally, its share would rise during market slides as investors rotated into BTC from alternative cryptocurrencies, or altcoins.

This time, they are rotating into stablecoins. The world's leading dollar-pegged tokens, USDT and USDC, share of total crypto market cap has increased to 7.76% from 7% and from 3% to 3.35%, respectively.

The behavior is a sign that investors feel safer in dollar equivalents, understandably so, as the Fed's lack of clarity has left financial markets at the mercy of oil price swings. The energy market seems broken, with the Strait of Hormuz disrupted, leading to wild, erratic energy import bills worldwide that will ultimately add to inflation.

The market remains constructive at the top, fragile underneath, and still far more dependent on liquidity and positioning than on a broad expansion in conviction, according to agentic trading platform Nansen.

"Across all themes, the same market structure keeps showing up: capital is staying selective," Nicolai Søndergaard, a research analyst at Nansen, said in an email.

"Central banks are no longer a direct upside catalyst for all of crypto, institutional inflows are supporting the core of the market rather than the full risk curve, prediction markets are capturing attention faster than they are building depth, and altcoins still lack the breadth that usually defines a true risk-on phase," he added.

In traditional markets, the Dollar Index looked to extend Wednesday's sharp recovery above 100, and futures tied to the S&P 500 fell, both symptoms of growing risk aversion. Stay alert!

Read more: For analysis of today's activity in altcoins and derivatives, see Crypto Markets Today

What to Watch

For a more comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead".

• Crypto
  • March 19: Walrus (WAL) final deadline for Tusky users to migrate their data.
• Macro
  • March 19, 8:30 a.m.: U.S. Initial Jobless Claims for week ending March 14 est. 215K (Prev. 213K)
  • March 19, 8:30 a.m.: U.S. Philadelphia Fed Manufacturing Index for March (Prev. 16.3)
  • March 19, 10:00 a.m.: U.S. New Home Sales for January est. 730K (Prev. 745K)
  • March 19, 4:30 p.m.: Fed Balance Sheet for week ending March 18 (Prev. $6.65T)
• Earnings (Estimates based on FactSet data)
  • March 19: Gemini Space Station (GEMI), post-market, -$0.91

Token Events

For a more comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead".

• Governance votes & calls
  • Cratos DAO is voting on extending the current mobile app reward standard deadline by one month to April 30, 2026. Voting ends March 19.
• Unlocks
  • No major unlocks.
• Token Launches
  • No major token launches.

Conferences

For a more comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead".

• Day 3 of 3: Merge São Paulo (Brazil)

Market Movements

• BTC is down 0.94% from 4 p.m. ET Wednesday at $70,240.69 (24hrs: -4.92%)
• ETH is down 0.3% at $2,177.57 (24hrs: -5.85%)
• CoinDesk 20 is down 0.11% at 2,055.04 (24hrs: -4.66%)
• Ether CESR Composite Staking Rate is down 1 bps at 2.74%
• BTC funding rate is at -0.0024% (-2.5754% annualized) on Binance

• DXY is up 0.10% at 100.12
• Gold futures are down 2.73% at $4,689.99
• Silver futures are down 5.03% at $71.55
• Nikkei 225 closed down 3.38% at 53,372.53
• Hang Seng closed down 2.02% at 25,500.58
• FTSE 100 is down 1.90% at 10,109.91
• Euro Stoxx 50 is down 2.12% at 5,615.49
• DJIA closed on Wednesday down 1.63% at 46,225.15
• S&P 500 closed down 1.36% at 6,624.70
• Nasdaq Composite closed down 1.46% at 22,152.42
• S&P/TSX Composite closed down 1.87% at 32,312.67
• S&P 40 Latin America closed down 0.57% at 3,497.26
• U.S. 10-Year Treasury rate is up 6 bps at 4.26%
• E-mini S&P 500 futures are up 0.74% at 6,674.75
• E-mini Nasdaq-100 futures are up 0.78% at 24,625.25
• E-mini Dow Jones Industrial Average futures are up 0.66% at 46,539.00

Bitcoin Stats

• BTC Dominance: 58.68% (-0.25%)
• Ether-bitcoin ratio: 0.03099 (0.22%)
• Hashrate (seven-day moving average): 922 EH/s
• Hashprice (spot): $30.72
• Total fees: 2.62 BTC / $189,559
• CME Futures Open Interest: 117,410 BTC
• BTC priced in gold: 15 oz.
• BTC vs gold market cap: 4.68%

Technical Analysis

• The chart shows bitcoin's daily price swings in candlestick format since late 2025.
• Prices have declined after probing the upper end of the channel identified by trendlines connecting prominent highs and lows since early February.
• A firm move past the upper end would confirm a bullish breakout. Conversely, a move below the lower end would signal a resumption of the broader downtrend.

Crypto Equities

• Coinbase Global (COIN): closed on Wednesday at $202.29 (–3.78%), –0.94% at $200.38 in pre-market
• MARA Holdings (MARA): closed at $8.92 (–3.46%), –1.01% at $8.83
• Riot Platforms (RIOT): closed at $14.10 (–3.95%), +0.28% at $14.14
• Core Scientific (CORZ): closed at $16.35 (–0.43%), –0.55% at $16.26
• CleanSpark (CLSK): closed at $9.88 (–2.27%), –1.32% at $9.75
• Galaxy Digital (GLXY): closed at $21.58 (–8.17%), –1.25% at $21.31
• Exodus Movement (EXOD): closed at $8.10 (–12.34%), +0.12% at $8.11
• CoinShares Bitcoin Mining ETF (WGMI): closed at $39.10 (–2.57%)
• Circle Internet Group (CRCL): closed at $132.84 (+0.40%), –1.12% at $131.35
• Bullish (BLSH): closed at $38.28 (–4.16%), –0.47% at $38.10

Crypto Treasury Companies

• Strategy (MSTR): closed at $140.56 (–6.47%), –0.89% at $139.31
• Strive Asset Management (ASST): closed at $10.03 (–9.59%), –1.54% at $9.88
• Sharplink (SBET): closed at $7.87 (–5.29%), –0.25% at $7.85
• Upexi (UPXI): closed at $1.07 (–6.96%), –2.80% at $1.04
• Lite Strategy (LITS): closed at $1.18 (–2.48%)

ETF Flows

Spot BTC ETFs

• Daily net flows: -$129.6 million
• Cumulative net flows: $56.38 billion
• Total BTC holdings ~1.3 million

Spot ETH ETFs

• Daily net flows: -$55.5 million
• Cumulative net flows: $11.94 billion
• Total ETH holdings ~5.79 million

Source: Farside Investors

While You Were Sleeping

• SEC approves Nasdaq's move to support tokenized securities trading (CoinDesk): The tokenization plan ties into a pilot run by the Depository Trust Company (DTC), which will handle clearing and settlement of tokenized trades.
• Oil and gas prices soar after new attacks on Gulf energy sites (The New York Times): Refineries and gas facilities in Kuwait, Qatar and Saudi Arabia were struck a day after Iran’s vast South Pars gas field was hit, heightening fears that the war will set off a global energy crisis.
• Trump calls for de-escalation as oil rises beyond $116 (Bloomberg): While Trump pressed for de-escalation of attacks on gas facilities in Iran and Qatar, Iran struck a crucial Saudi Arabian refinery and warned of further retaliation.