The cryptocurrency market is experiencing renewed retail and institutional interest, with major assets such as Bitcoin, Ethereum, and Ripple edging higher. After reaching a monthly high of $74,450, Bitcoin has adjusted to trade above $73,000 at the time of writing on Monday.
SNB: Policy on hold as Franc strength worries – Nomura
Nomura economists expect the SNB to keep its policy rate at 0.00% on 19 March and for the foreseeable future. They see low but positive Swiss inflation, resilient GDP growth and rising global energy prices, but highlight Swiss Franc appreciation as a key downside risk to inflation and a trigger for potential FX intervention rather than rate cuts.
Franc strength and energy-driven inflation risks
“We expect the SNB to leave its policy rate on hold at 0.00% at its 19 March meeting. Although CPI inflation is low (it has been 0.1% y-o-y for the past three months), it remains within the SNB’s target range of 0-2%, has printed in line with the SNB’s latest forecast in 2026 so far, and policymakers likely expect it to rise. “
“A key concern for the SNB will be CHF appreciation pressures stemming from the current risk environment, which may encourage FX intervention from the central bank. The SNB said in a statement since the conflict began that “in view of international developments, we are increasingly prepared to intervene in the foreign exchange market”. “
“We therefore believe that FX intervention to stem currency appreciation pressures and their inflationary effects is more likely than a policy rate cut to a negative rate. “
“Indeed, Chairman Schlegel has commented on many occasions that the bar to lowering the policy rate below zero is high and commented in February that negative inflation readings would not cause an immediate alarm, suggesting the SNB is more willing to tolerate some slight deflation than a negative policy rate.”
“Further ahead, our central forecast is for the SNB’s policy rate to remain at 0.00% for the foreseeable future, as we believe inflation will accelerate.”
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
Gold hovers around $5,000 as traders eye on Iran war developments
Gold price (XAU/USD) steadies around $5,000 during the Asian session on Monday. However, the precious metal faced selling pressure as uncertainty surrounding the monetary policy announcement by major central banks this week is dominating the intense geopolitical conflict in the Middle East. Traders will closely monitor the developments surrounding the United States (US)-Israel war with Iran, a scenario that typically boosts the demand for safe-haven assets.
The US President Donald Trump administration said that they expect the conflict in Iran to come to an end within weeks or “sooner.” Meanwhile, Israel’s military noted that it plans for its campaign to continue for at least three more weeks.
Over the weekend, US forces targeted every military site on Kharg Island, a critical Iranian oil export hub. Iran has threatened to retaliate against any US-linked oil facilities in the region.
Although war is generally expected to boost the Gold price, the current growing tensions have led to an increase in oil costs. This, in turn, has fueled concerns about inflation and led markets to believe that the Federal Reserve (Fed) will delay cutting interest rates, which is negative for non-yielding assets, such as Gold.
Apart from the Fed, the Reserve Bank of Australia (RBA), the Bank of Japan (BoJ), the European Central Bank (ECB), and the Bank of England (BoE) are scheduled to announce their monetary policy decisions this week. All central banks are expected to leave interest rates unchanged at their current levels, except the RBA, which is expected to raise them again.
Gold FAQs
Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
US President Donald Trump: Talking to 7 countries regarding Strait of Hormuz
US President Donald Trump said on Monday that he is discussing with other countries about policing the Strait of Hormuz, adding that Israel is collaborating with the US on securing the vital shipping route.
Key quotes
They want to negotiate badly yet I don’t think they are ready.
We are discussing with other countries about policing the Strait of Hormuz.
We are targeting drone manufacturing in Iran.
Talking to 7 countries regarding Strait of Hormuz.
I am demanding that other nations help protect the Strait.
Israel is collaborating with the US on securing the Strait of Hormuz.
We are talking to Iran yet I do not think they are ready.
I do not know if I want to make a deal with Iran.
I think we will either make a deal or do what we have to do very soon.
I think something will happen with Cuba fairly quickly.
Market reaction
At the time of writing, the West Texas Intermediate (WTI) is down 0.92% on the day at $96.07.
WTI Oil FAQs
WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media.
Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa.
The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.
OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
South Korea, Japan mull Trump’s calls to secure Strait of Hormuz
South Korea’s presidential office said in a statement on Sunday, “we will communicate closely with the US regarding this matter and make a decision after careful review.”
Takayuki Kobayashi, policy chief of Prime Minister Sanae Takaichi’s ruling Liberal Democratic Party (LDP), told public broadcaster NHK, “I regard the threshold as extremely high for sending Japanese navy ships to the region under existing Japanese laws.”
US President Donald Trump renewed his calls for allies to help secure the Strait of Hormuz in a post on Truth Social on Saturday.
“….the Countries of the World that receive Oil through the Hormuz Strait must take care of that passage, and we will help – A LOT,” Trump said.
Oil prices are expected to be significantly impacted by the fresh developments concerning the Strait of Hormuz as the US-Israel war on Iran escalates further.
WTI Oil FAQs
WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media.
Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa.
The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.
OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
Breaking: Israel launches a wave of “extensive strikes” across western Iran
Update: The Israel Defense Forces (IDF), the country’s military, said in a post on X that it had launched a wave of “extensive strikes” across western Iran.
“It claims it is striking “infrastructure” of the Iranian regime,” per The Guardian.
In the last hours, the IDF said on X that Iran continued to launch missiles toward the territory of the State of Israel.
“Defense systems are operating to intercept the threat,” the IDF added, while warning citizens to enter protective spaces.
This comes after Iran’s Revolutionary Guard Corps (IRGC) pledged to target Israeli Prime Minister Benjamin Netanyahu as the war with the US and Israel continues.
“We will continue to pursue and kill him with full force,” the Guards said of Netanyahu on Sunday, in a statement on their Sepah News website.
Meanwhile, Iran accused “the enemy” of using copycat drones to attack neighbouring countries and put the blame on Tehran, amid intense anger over its retaliatory strikes across the Middle East.
Market implications
Heading into the weekly open on Monday, traders may see renewed risk-off momentum as the Middle East conflict drags on, with Oil and the US Dollar likely attracting fresh buying.
US President Trump: Not ready for Iran deal, warns Kharg Island could be hit again
In an interview with NBC News on Saturday, US President Donald Trump commented on the military strikes on the Kharg Island and whether he was prepared to make a deal with Iran while pressing allies once again to help secure the Strait of Hormuz.
Key quotes
I’m not ready to make a deal with Iran because the terms are not good enough yet.
We’ve totally decimated it. Except, as you know, I didn’t do anything having to do with the energy lines, because having to rebuild that would take years.
Strikes on Kharg Island totally demolished most of the island, but we may hit it a few more times just for fun.
On whether the US Navy would be escorting ships, I don’t want to tell you anything about that.
We’re going to be sweeping the Strait very strongly.
And we believe we’ll be joined by other countries who are somewhat impeded, and in some cases impeded from getting the oil.
It is not clear whether Iran has dropped mines into the Strait of Hormuz.
News of Iran’s Supreme Leader dead a rumor.
When talking about Iran’s decision to target them, Trump said it was the biggest surprise I had of this whole thing.
Meanwhile, in a post on Truth Social late Saturday, Trump renewed his call for other nations to help secure the Strait.
“The United States of America has beaten and completely decimated Iran, both Militarily, Economically, and in every other way, but the Countries of the World that receive Oil through the Hormuz Strait must take care of that passage, and we will help – A LOT.”
Earlier in the day, Trump posted: “Many Countries, especially those who are affected by Iran’s attempted closure of the Hormuz Strait, will be sending War Ships, in conjunction with the United States of America, to keep the Strait open and safe. We have already destroyed 100% of Iran’s Military capability, but it’s easy for them to send a drone or two, drop a mine, or deliver a close range missile somewhere along, or in, this Waterway, no matter how badly defeated they are. Hopefully China, France, Japan, South Korea, the UK, and others, that are affected by this artificial constraint, will send Ships to the area so that the Hormuz Strait will no longer be a threat by a Nation that has been totally decapitated. In the meantime, the United States will be bombing the hell out of the shoreline, and continually shooting Iranian Boats and Ships out of the water. One way or the other, we will soon get the Hormuz Strait OPEN, SAFE, and FREE! President DONALD J. TRUMP.”.
Meanwhile, the Trump administration rejected efforts by Middle Eastern allies to start diplomatic negotiations aimed at ending the Iran war, Reuters reported on Saturday, citing three sources familiar with the efforts.
Two senior Iranian sources told Reuters that Iran had also turned down talk of a ceasefire until US and Israeli strikes end.
Risk sentiment FAQs
In the world of financial jargon the two widely used terms “risk-on” and “risk off” refer to the level of risk that investors are willing to stomach during the period referenced. In a “risk-on” market, investors are optimistic about the future and more willing to buy risky assets. In a “risk-off” market investors start to ‘play it safe’ because they are worried about the future, and therefore buy less risky assets that are more certain of bringing a return, even if it is relatively modest.
Typically, during periods of “risk-on”, stock markets will rise, most commodities – except Gold – will also gain in value, since they benefit from a positive growth outlook. The currencies of nations that are heavy commodity exporters strengthen because of increased demand, and Cryptocurrencies rise. In a “risk-off” market, Bonds go up – especially major government Bonds – Gold shines, and safe-haven currencies such as the Japanese Yen, Swiss Franc and US Dollar all benefit.
The Australian Dollar (AUD), the Canadian Dollar (CAD), the New Zealand Dollar (NZD) and minor FX like the Ruble (RUB) and the South African Rand (ZAR), all tend to rise in markets that are “risk-on”. This is because the economies of these currencies are heavily reliant on commodity exports for growth, and commodities tend to rise in price during risk-on periods. This is because investors foresee greater demand for raw materials in the future due to heightened economic activity.
The major currencies that tend to rise during periods of “risk-off” are the US Dollar (USD), the Japanese Yen (JPY) and the Swiss Franc (CHF). The US Dollar, because it is the world’s reserve currency, and because in times of crisis investors buy US government debt, which is seen as safe because the largest economy in the world is unlikely to default. The Yen, from increased demand for Japanese government bonds, because a high proportion are held by domestic investors who are unlikely to dump them – even in a crisis. The Swiss Franc, because strict Swiss banking laws offer investors enhanced capital protection.
Breaking: US strikes military targets on Kharg Island – Iran’s main oil hub
US President Donald Trump said on Saturday that the US struck military targets at a strategic Iranian outpost in the Persian Gulf and warned it could hit oil infrastructure next if Tehran keeps disrupting energy flows in the Strait of Hormuz, intensifying the two-week conflict in the region.
Trump noted in his post on Truth Social: “Moments ago, at my direction, the United States Central Command executed one of the most powerful bombing raids in the History of the Middle East, and totally obliterated every MILITARY target in Iran’s crown jewel, Kharg Island.”
“Our Weapons are the most powerful and sophisticated that the World has ever known but, for reasons of decency, I have chosen NOT to wipe out the Oil Infrastructure on the Island,” he added.
The strategic island, which manages nearly all of Iran’s crude oil exports, has largely been avoided by both the US and Israel so far.
Officials in the Trump administration have reportedly suggested that seizing Kharg Island remains a possible option.
In another post, Trump said, “Iran had plans of taking over the entire Middle East, and completely obliterating Israel. JUST LIKE IRAN ITSELF, THOSE PLANS ARE NOW DEAD!”
In response, Iran threatened to attack US-linked oil targets.
In a statement cited by Iranian media, the military’s Al-Anbiya Central Headquarters warned that oil and energy facilities linked to companies cooperating with the US would be “immediately destroyed and turned to ashes” if Iran’s energy infrastructure is targeted.
Meanwhile, Qatar’s Defense Ministry said in two separate statements on Saturday that its forces had successfully intercepted a missile attack aimed at the country, AFP News reported.
Separately, in a statement released on Saturday, Hamas, the Iran-backed militant group, called on Tehran to stop attacking neighbouring countries.
“While affirming the right of the Islamic Republic of Iran to respond to this aggression by all available means in accordance with international norms and laws, the movement calls on the brothers in Iran to avoid targeting neighbouring countries,” Hamas said.
Market implications
These headlines are likely to intensify the ongoing volatility in Oil, with prices likely to rocket during the early Asian hours on Monday should Tehran deepen the conflict by attacking the energy infrastructure owned by oil companies cooperating with the US in the region.
WTI Oil FAQs
WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media.
Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa.
The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.
OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
Ethereum Foundation publishes Mandate outlining core principles and long-term stewardship
The Ethereum Foundation (EF) has released a 38-page Mandate outlining its long-term governance approach and role within the Ethereum ecosystem. Published on Friday, the document is intended to serve as a guiding framework for the Foundation as Ethereum continues to evolve.
EF outlines its role in Ethereum’s future
The Mandate reiterates the Foundation’s view that the Ethereum network should function as a neutral infrastructure layer rather than a platform controlled by any single entity.
A guiding principle of the Mandate is for Ethereum to operate with the underlying framework of Censorship Resistance, Open Source, Privacy and Security (CROPS).
According to the Foundation, these principles represent core attributes that should guide Ethereum’s development and determine its success. The document frames them as essential safeguards intended to prevent centralization, mission drift or external capture of the protocol.
The Mandate describes the EF’s main aim as enabling Ethereum to function as a decentralized and resilient “liberatory technology” that provides self-sovereign computation (where users have final control over their data, assets, and identities) and sovereignty-preserving coordination at scale.
The Foundation clarified that its role as the original — but not the only — steward of the Ethereum protocol is to enable coordination and preserve CROPS across the protocol layer and other key areas that it contributes to.
The EF added that its ultimate goal is for Ethereum to pass what its co-founder Vitalik Buterin has framed as “the walkway test,” where “its protocol and core application layers become robust and trustless enough that they would continue to reliably function and evolve even if the Foundation and today’s core developers disappeared tomorrow.”
While pursuing this goal and carrying out its stewardship role, the Foundation noted that it remains an independent non-profit and will not pursue monetary rewards, organizational growth or overzealous adoption. “We support adoption insofar as it does not contravene our mandate,” the EF wrote.
Meanwhile, EF President Aya Miyaguchi added that CROPS, as captured in the Mandate, should be a core priority for all members of the Foundation, noting that it serves beyond a mere manifesto.
“For me, it is also a kind of love letter to Ethereum, and to everyone who cares about what it truly makes possible: a digital world that remains open, private, and secure, and gives us a new form of freedom to grow into,” Miyaguchi wrote in a Friday X post.
The release of the Mandate comes amid broader discussions about new roadmaps and the function of rollups in the Ethereum ecosystem.
Ethereum Weekly Price Forecast: ETH shows bullish bias across several key metrics
Ethereum price today: $2,090
- Ethereum’s open interest has climbed to 13.67M ETH, its highest level since late January.
- Whale wallets and ETH ETF investors have been accumulating so far in the week.
- ETH sees a rejection at the 50-day EMA after a recent price jump.
Ethereum’s (ETH) open interest (OI) on Friday has surged to 13.67M ETH, its highest level since January 30 and the same levels as the pre-October leverage flush. Open interest is the total worth of outstanding contracts in a derivatives market.
Despite prices trading rangebound over the past month, ETH’s OI has been steadily rising, indicating an expanding appetite among investors. However, funding rates have alternated between positive and negative territory during the period, suggesting OI growth isn’t entirely driven by bullish or bearish positioning.
Historically, a rising OI under such conditions has led to a sharp directional move.
The Net Taker Volume on Binance, which measures the volume of investors purchasing ETH futures contracts using market orders, has flipped positive since the beginning of the month. The move indicates that longs are once again dominating ETH futures on Binance, though the dominance hasn’t yet expanded.
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On the spot side, whales or wallets holding 10K-100K ETH have been accumulating since the beginning of the week, adding 540K ETH to their holdings over the past five days. But retailers in the 100-1K and 1K-10K ETH bracket distributed a combined 300K ETH in the same period.
Meanwhile, the ETH Coinbase Premium Index, which has largely correlated with price movements over the past few months, has risen to its highest level since early December, indicating rising interest from US investors. Similarly, US spot ETH exchange-traded funds (ETFs) have recorded three consecutive days of net inflows totaling $185.4 million from Tuesday to Thursday, according to SoSoValue data.
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Ethereum Price Forecast: ETH faces rejection at 50-day EMA, falls back below $2,166 resistance
Ethereum recorded $139.8 million in liquidations over the past 24 hours, led by $95.5 million in short liquidations, per Coinglass data.
After holding the 20-day Exponential Moving Average (EMA), ETH briefly broke above the $2,166 resistance before seeing a rejection at the 50-day EMA, framing the recent move as a bounce within a larger downtrend. The top altcoin has to rise above the 50-day EMA to test $2,370, then eventually the 100-day EMA and $2,750 resistance.
On the downside, ETH is supported by the 20-day EMA, which a break below would expose the $1,800 support and eventually $1,480.
The Relative Strength Index (RSI) at 52 and a rising Stochastic Oscillator (Stoch) in the mid-60s confirm improving upside momentum after the mid-month rebound, suggesting buyers retain control as long as ETH defends its recent higher lows around the $1,950–1,970 area.