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Your day-ahead look for March 20, 2026
(Midjourney modified by CoinDesk )
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By Francisco Rodrigues (All times ET unless stated otherwise)
Bitcoin has maintained its position above $70,000. Its relative strength is significant considering the recent selloff, which saw it decline from more than $75,000.
Many assets experienced sharp declines during this period as the situation in Iran intensified, impacting crucial energy infrastructure. An unexpectedly high February U.S. PPI figure further exacerbated the situation.
Traditional safe havens such as gold and silver also faced losses, while Brent crude prices soared past $110 a barrel due to supply interruptions linked to the closure of the Strait of Hormuz.
The Fed’s actions did not provide relief. Although the U.S. central bank kept interest rates unchanged on Wednesday, as anticipated, its tone shifted to a more hawkish stance. The repercussions of the conflict have diminished expectations for rate cuts, with perceived probabilities of rate hikes climbing from 8% to over 24% in prediction markets.
André Dragosch, head of research for Europe at Bitwise, informed CoinDesk that Bitcoin is positioned at the crossroads of two significant opposing forces, with the balance possibly already favoring the token.
On one hand, increasing inflation expectations are beneficial, Dragosch noted. Bitcoin bull markets have typically coincided with growth in the ISM Manufacturing Index, which has surged this year alongside rising inflation expectations.
“This mix of increasing economic activity and inflation expectations is likely a primary reason why Bitcoin has recently outperformed other conventional assets like gold and U.S. equities,” he stated. “Bitcoin is also generally less sensitive to interest rate changes than gold, which is why it was less impacted by rising bond yields.”
Conversely, stricter financial conditions present a challenge. However, Bitcoin may have been acting as an early indicator in what Dragosch termed the “macro coal mine.”
“Bitcoin seems to have already accounted for much of this tightening, displaying an unprecedented ‘macro discount’ and anticipating the recent decline in forward-looking indicators,” Dragosch mentioned.
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Moving forward, a crucial factor will be the enhancement of financial conditions. This entails a resolution of the conflict in the Middle East and the reopening of the Strait of Hormuz, even as advancements in the crypto sector indicate increasing adoption. Stay vigilant!
Read more: For insights on today’s movements in altcoins and derivatives, see Crypto Markets Today
What to Watch
For a more detailed list of events this week, refer to CoinDesk’s “Crypto Week Ahead”.
- Crypto
- No events scheduled.
- Macro
- March 20, 8:30 a.m.: Canada PPI YoY (Prev. 5.4%); MoM (Prev. 2.7%)
- Earnings (Estimates based on FactSet data)
- March 20: BitFuFu (FUFU), pre-market, $0.01
Token Events
For a more detailed list of events this week, refer to CoinDesk’s “Crypto Week Ahead”.
- Governance votes & calls
- Lightchain AI DAO is conducting a vote on a temporary 90-day team authority proposal, which will grant the core team short-term operational authority to make daily and strategic decisions. Voting concludes on March 22.
- Unlocks
- March 20: LayerZero (ZRO) will unlock 5.64% of its circulating supply valued at $52.45 million.
- Token Launches
- March 21: Soulbound Token airdrop date with Jupiter Mobile.
Conferences
For a more detailed list of events this week, refer to CoinDesk’s “Crypto Week Ahead”.
- No events scheduled.
Market Movements
- BTC has risen 0.29% since 4 p.m. ET Thursday to $70,608.19 (24hrs: +0.69%)
- ETH has decreased 0.55% to $2,148.07 (24hrs: -1.14%)
- CoinDesk 20 is up 0.34% at 2,044.85 (24hrs: unchanged)
- Ether CESR Composite Staking Rate has increased by 2 basis points to 2.76%
- BTC funding rate is at -0.0020% (-2.1703% annualized) on Binance
- DXY has decreased 0.38% to 99.70
- Gold futures are up 1.58% at $4,673.60
- Silver futures are up 1.75% at $72.14
- Nikkei 225 closed down 3.38% at 53,372.53
- Hang Seng closed down 0.88% at 25,277.32
- FTSE 100 is down 2.16% at 10,082.61
- Euro Stoxx 50 is down 1.71% at 5,638.54
- DJIA closed on Thursday down 0.44% at 46,021.43
- S&P 500 closed down 0.27% at 6,606.49
- Nasdaq Composite closed down 0.28% at 22,090.69
- S&P/TSX Composite closed down 1.42% at 31,854.98
- S&P 40 Latin America closed up 0.22% at 3,466.80
- U.S. 10-Year Treasury rate is up 2 bps at 4.28%
- E-mini S&P 500 futures are down 0.52% at 6,625.50
- E-mini Nasdaq-100 futures are
