The overall cryptocurrency market weakened today, with the total market capitalization shrinking by 1.04% in 24 hours to $2.29 trillion. The Fear and Greed Index dropped to 18, indicating extreme fear. BTC hit a daily low of $62,400 before rebounding, currently trading at $67,337, down 0.32% in 24 hours; ETH rose against the trend by 1.30% to $1,980. XRP and SOL also saw slight gains, showing a divergence among different coins.

Market volatility is mainly influenced by Middle East geopolitical conflicts. The escalation of the US-Iran conflict caused WTI crude oil to surge 21%, breaking through $110 per barrel, fueling global inflation and expectations of Fed rate hikes, which suppressed risk assets. Although BTC faced short-term pressure, it demonstrated resilience compared to traditional stocks, becoming a choice for some funds to hedge geopolitical risks. Institutional views suggest this pullback is a normal correction, and medium-term upward momentum remains.

In the short term, market focus will be on the US CPI data for March 11, which will further guide the Federal Reserve's interest rate policy. Coupled with developments in the Strait of Hormuz, these factors are expected to dominate subsequent cryptocurrency market fluctuations. $BTC