Fed holds rates; Bitcoin near $70.8K as traders eye relief rally after earlier selloff

first published 2026-03-18T15:03:35Z

Markets sold off after Israel struck Iran’s South Pars gas facility, reportedly cutting ~70% of Iran’s domestic gas supply. Total crypto market cap dropped 3.54% to $2.45T; Bitcoin fell ~4% to $71,417 (≈$38B lost market value), Ethereum fell 6.48% to $2,193, Solana -5.55%, XRP -3.66%. Over $158M in long positions were liquidated within four hours (BTC ~$41.93M of 24h liquidations). U.S. February PPI surprised higher, supporting a higher-for-longer rate outlook ahead of the Fed meeting. Gold and silver also fell while oil jumped above $97/bbl. Fear & Greed Index fell to 35 and average crypto RSI to 43.67. Markets will watch FOMC tone — neutral could stabilize near ~$2.38T support; hawkishness could extend the selloff.

AI Analysis

The article links an Israel strike that cut ~70% of Iran's domestic gas supply with an immediate market reaction: total crypto market cap fell 3.54%, BTC -4%, ETH -6.48%, SOL -5.55%, XRP -3.66% and over $158M of long positions were liquidated; additionally U.S. February PPI surprised higher ahead of the Fed meeting, reinforcing a higher-for-longer rate outlook — all concrete, near-term drivers cited in the summary.

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