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March 19th Crypto Market
Yesterday erased all gains since the 15th. This was a stampede exodus, not a pullback. News-wise, it was the surprise PPI print. Fundamentally, no one has conviction in a bull market yet—everyone tacitly agreed to sell together.
Beyond the surprise PPI, there's also: Powell's hawkish remarks, oil and gold rallying strongly, ETF ending a 7-day winning streak, S&P 500 falling back to last November levels. The risk-off sentiment is extremely thick. This is a test of traders' ability to hold empty positions.