Monetary Policy

The U.S. Federal Reserve’s first systematic assessment of payment stablecoins finds that they could improve cross-border payment efficiency, but may also change the flow of reserves and monetary policy. Stablecoin regulation is governed by the GENIUS Act and may affect the Fed’s asset management policies; as the scale grows, regulation will become more stringent.

The Federal Reserve Board member Michael Barr warned that stablecoin reserve assets face money laundering and financial stability risks, emphasizing that reserve quality is crucial. Stablecoins have advantages in areas such as real-time cross-border payments, but they could pose dangers due to insufficient regulation. Pushing the “Lummis Act” will require issuers to formally register and hold equivalent reserves to strengthen market stability. The implementation of regulatory details will directly affect the development of the U.S. stablecoin market.

The Federal Reserve’s Schmid warned that rising energy prices will have a lasting impact on inflation. The inflation rate is already nearing 3%, and progress toward the 2% target has stalled. He emphasized that policy action is needed to address risks to inflation expectations, and market views on future interest rate movements have changed.

Warren Buffett warns that the financial system has vulnerabilities, emphasizing that close links between banks and non-bank institutions could lead to risk contagion. He says that financial stability should be the Federal Reserve’s top priority and also notes that market panic may cause investors to pull out quickly.

The U.S. Department of Labor proposed a rule allowing fiduciaries to include alternative assets like crypto in 401(k) plans, providing legal protections if they follow defined evaluation processes. This marks a shift toward integrating digital assets cautiously into retirement investing.

Gate News message, March 31: Traders lowered their bets on further interest rate hikes from the European Central Bank, estimating a 50% chance that it will raise rates by 25 basis points in April.

The U.S. Department of Labor has proposed loosening investment restrictions for 401(k) retirement accounts, allowing investments in alternative assets such as cryptocurrencies, real estate, and private equity. It could open up a $10.1 trillion retirement savings market. The move is intended to carry out President Trump’s executive order, but it has also sparked questions about the safety of people’s retirement funds.

Panther Macro’s Claus Vistesen report says the European Central Bank is expected to raise rates in the coming months, with inflation rising to 2.5% in March and potentially stabilizing in a range of 2.5% to 3.0%. It is expected to raise rates by 25 basis points in June and July, but weak economic conditions could make rate cuts a policy option. The central bank will seek to strike a balance between inflation and recession risks.

New regulations in the U.S. aim to open the $8 trillion retirement market to cryptocurrency, allowing 401(k) fund managers to offer crypto-linked funds with enhanced legal protections.

Gate News message, on March 31, ECB board member Müller said that the possibility of a rate hike in April cannot be ruled out and that they will closely monitor wages and the labor market.

The People’s Bank of China convened a meeting of the Monetary Policy Committee to analyze the current global economic situation. The meeting emphasized the need to continue implementing a moderately accommodative monetary policy to respond to external shocks and promote steady economic growth and a reasonable rebound in prices.

2026-03-31 08:30 to 08:45 (UTC), BTC’s return over 15 minutes fell by 0.71%, with the price fluctuating in the 66,820.0 to 67,318.9 USDT range, an amplitude of 0.74%. During this period, market sentiment was cautious; volatility increased, with significant trading volume on major exchanges and rising market attention. The primary drivers of this anomalous move were sustained outflows of large-scale ETF funds and a drop in liquidity caused by institutional investors reducing positions. In March 2026, the total ETF outflow exceeded $3 billion, and combined with this, large holders’ position share fell to 9 percent.

Due to the impact of the Middle East situation, the gold market has been extremely volatile, with this month’s expected decline reaching 14.6%. Even though Trump has signaled a more conciliatory stance, geopolitical conflicts have pushed up oil and gas prices, putting pressure on gold’s performance. Analysts believe that the outlook remains optimistic in the long and medium term, but in the short term, gold prices may face pullback pressure.

The U.S. Securities and Exchange Commission (SEC) has recently approved new rules allowing brokers to use S&P 500 and Russell 1000 constituent stocks as collateral in securities lending. This change gives institutional investors greater flexibility in capital deployment and is expected to improve market liquidity, potentially affecting the logic behind risk-asset pricing. How institutions adopt it in the future will be a key point to watch.

Legislator Ko Ju-jun suggested adding Bitcoin and stablecoins to Taiwan’s foreign exchange reserves, emphasizing their potential advantages in a special geopolitical environment. The central bank governor, Yang Chin-lung, remains cautious on this, saying that the volatility risk makes Bitcoin unsuitable as a reserve asset, but acknowledging the possibility that “times and space will change.” Overall, in the short term, the plan to include these digital assets in foreign exchange reserves is difficult to implement.

Following a quiet weekend with little to no actual price moves, bitcoin and the altcoins could be primed for more fluctuations as the business week unfolds due to several big events in the US. Perhaps the two that are likely to attract the most attention will take place on Monday and

By the end of March 2026, the Bitcoin price is about $67,400. Institutional funding has cooled and high macro interest rates have had an impact, limiting short-term upside momentum. The supply-and-demand structure has loosened, demand has weakened, the market’s ability to absorb has declined, and institutional demand has fallen significantly. Rising real interest rates are increasing liquidity pressure. The market needs to watch for improvements in liquidity and changes in interest rates.

The U.S. Senate is accelerating the推进《Digital Asset Market Clarity Act》, and it is expected to enter the review stage in April 2026. The bill has adjusted stablecoin yield, and the DeFi sector will receive clearer protection. Regulatory responsibilities are clearly divided, with the CFTC and SEC each overseeing the regulation of digital commodities and investment contracts. The bill’s progress is tied to crypto market regulation and the direction of global policy.

Federal Reserve Chair Jerome Powell spoke at Harvard University, emphasizing economic uncertainty and unclear policy direction, causing markets to hold off. Bitcoin has been trading sideways around $67,400, showing some resilience. Powell mentioned inflation and the state of the job market, suggesting that policy room is limited. Market expectations for future policy changes have been muted, and both traditional markets and crypto assets are waiting for key catalysts.

Goldman Sachs’ report maintains a bullish outlook for gold, expecting the gold price to reach $5,400 per ounce by the end of 2026, driven by central bank gold purchases and Federal Reserve rate cuts. Despite near-term downside risks, in the long run, the upside potential for gold remains substantial, as geopolitical factors or moves to diversify into more assets could prompt additional allocation.