Trump Imposes Additional 25% Tariff on Canadian Steel and Aluminum
Trump announced on social media that he would impose an additional 25% tariff on Canadian steel and aluminum products, raising the total tariff rate to 50%. The new tariff was set to take effect on March 12. However, just hours before, the U.S. announced the withdrawal of this new tariff policy.
Trump’s First Inflation Report to Be Released, Slowing Inflation May Benefit Cryptocurrency Market
The U.S. Bureau of Labor Statistics will release the first Consumer Price Index (CPI) report since Trump took office on Wednesday. The market expects overall inflation to slightly decrease from 3% to 2.9%, and core inflation to drop from 3.3% to 3.2%. If inflation continues to cool, it may strengthen market expectations for a Federal Reserve rate cut and benefit the cryptocurrency market.
U.S. House Votes to Overturn IRS Rules on DeFi Brokers
On March 12, the U.S. House of Representatives passed a bill resolution with a vote of 292 to 132, overturning the Internal Revenue Service (IRS) rules on DeFi brokers. The rules required decentralized finance (DeFi) platforms to collect tax and transaction information from cryptocurrency users.
Bitcoin Price Drop Increases Miner Selling Pressure
CryptoQuant analysts stated that the drop in Bitcoin price has increased miner selling pressure. Miners may be forced to sell Bitcoin to cover operational costs, which could significantly impact market liquidity. Historically, miners tend to sell more Bitcoin during price downturns to maintain operations.
Standard Chartered: Fed to Cut Rates Twice, Yen May Outperform Market
Steven Englander of Standard Chartered believes that despite the economic slowdown, concerns about a U.S. recession are exaggerated. He predicts the Fed will cut rates twice this year, while expecting the Bank of Japan to raise rates twice, potentially strengthening the yen.
Cryptocurrency Trader Advises Optimizing Entry Strategies Amid Market Volatility
Cryptocurrency trader Eugene warned against blindly chasing long positions in the current market. He emphasized the importance of precise entry points over increasing cryptocurrency positions. He suggested that instead of heavy positions, accurately managing 20% of cryptocurrency holdings is safer. In volatile markets, strategic entry is better than aggressive operations.
