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A wave of risk aversion is heavily felt in global markets, where stocks, gold, and Bitcoin (BTC) 
$104,634 face significant pressure. An unexpected drop in the U.S. consumer confidence index, coupled with persistently high short-term inflation expectations, has heightened market concerns. Additionally, the U.S. government’s new customs tariffs are further diminishing risk appetite. In this environment, BTC and other cryptocurrencies are encountering selling pressure.
Concerns Over Stagflation in the Markets
Global markets are experiencing volatility due to economic data falling short of expectations. In the U.S., the Consumer Confidence Index was reported at 98, below the expected level of 103. This disappointing data reflects consumer concerns regarding the economic outlook, shaking investor confidence.
Simultaneously, inflation expectations remain elevated. The U.S. administration has imposed a 25% customs tariff on goods imported from Canada and Mexico, set to take effect on March 3. While stagflation (characterized by high inflation and low economic growth) has not been officially confirmed, markets are exercising caution against this risk.
The cryptocurrency market is also affected by these developments. Bitcoin’s price movements align closely with risky assets. The outflows from ETFs indicate that investors are withdrawing from this sector. As trading remains volatile, investors are adjusting their portfolios to minimize risks.
NVIDIA Earnings Report and PCE Data Take Center Stage
In the short term, two critical events will be monitored in the markets. The first is the quarterly earnings report from NVIDIA (NVDA). There is significant interest in whether NVDA will meet expectations due to demand for AI chips. A cautious outlook from the company could trigger a new wave of declines in risky assets.
The other crucial data point is the Personal Consumption Expenditures (PCE) inflation, to be announced in the U.S. The PCE is expected to be reported at 2.5% on a yearly basis, which will be decisive for the Fed’s interest rate decision. Without approaching the targeted 2% level, no interest rate cuts are anticipated from the Fed. Currently, markets are pricing in the likelihood of the first rate cut occurring in June or July.
The cryptocurrency market continues to serve as an indicator of overall risk appetite. In this uncertain environment, market volatility prompts investors to act cautiously.
