[New York Coin Market Conditions/Closing] Falls Despite Positive PPI Due to Tariff War Concerns ... Bitcoin Defends $80,000

# Cryptocurrency Market Cap Drops by $70 Billion During New York Session # Cryptocurrency Futures Decline as U.S. Dollar Strengthens, Treasury Yields Fall # Bitcoin ETF Turns Positive; Ethereum ETF Continues Outflows [New York - Jang Doseon] Despite positive inflation data, the cryptocurrency market declined on the 13th during the New York session amid continued risk-aversion due to escalating trade war concerns. Bitcoin briefly fell below $80,000 intraday. Ethereum, XRP, and other major coin prices retreated from their early session levels. Wall Street also saw declines, with the S&P 500 officially entering correction territory. The U.S. Producer Price Index (PPI) for February remained unchanged from the previous month, falling significantly short of Dow Jones' forecast of a 0.3% increase. Core PPI, excluding energy and food, also rose by just 0.2%, below the expected 0.3%. However, like the Consumer Price Index (CPI) data released on Wednesday, it's challenging to conclude that U.S. inflation is abating since the impact of Trump's tariff policies has not yet been reflected. President Trump maintained his tough stance on tariffs, threatening a 200% tariff on EU wine and champagne if the EU doesn't abolish the 50% tariff on American whiskey. In the digital asset sector, positive trends such as regulatory easing and adoption are continuous. However, the market is pressured by macroeconomic factors, including trade wars and recession risks. According to CNBC, some strategists are anticipating a technical rebound following the recent significant market drop, but some experts believe the recent inflation data alone is insufficient to lead to a substantial rally. Concerns over President Trump's trade policy continue to dampen investor sentiment and add uncertainty to the Federal Reserve's interest rate policy direction. Scott Helfstein, Head of Investment Strategy at Global X, commented, “We still see the next Fed rate adjustment as a cut, but it’s hard to be confident as the impact of tariffs remains uncertain.” He added, "The main question is whether tariffs will impact economic growth or prices more." He noted that the bond market has been signaling greater concerns over economic slowdown in recent weeks, with three rate cuts priced in for this year. # Cryptocurrency Market Cap Drops by $70 Billion At 3:45 PM New York time on the 13th, CoinMarketCap showed the cryptocurrency market cap at $2.7 trillion, down 2.05% from 24 hours earlier, and $70 billion lower than before the U.S. PPI release. The 24-hour trading volume in the cryptocurrency market was $91.5 billion, down 13.55%. Bitcoin dominance stood at 60.7%, while Ethereum's dominance was 8.5%. The Crypto Fear & Greed Index rose 2 points to 21, moving from ‘Extreme Fear’ to ‘Fear.’ Bitcoin fell 2.73% to $80,321. The intraday low was $79,931, while the overnight high was $84,301. Bitcoin has been undergoing corrections after hitting a new all-time high of $109,114 on January 20. Ethereum dropped 1.63% to $1,841. Ethereum's all-time high was $4,891.70, recorded on November 16, 2021. Among the other top 10 altcoins, XRP rose by 0.14%, BNB by 1.97%, Solana by 2.28%, and TRON by 0.11%. In contrast, Cardano fell by 4.22% and Dogecoin by 3.55%. # Cryptocurrency Futures Decline as U.S. Dollar Strengthens, Treasury Yields Fall Bitcoin futures listed on the Chicago Mercantile Exchange (CME) for March fell 2.76% to $80,860, for April fell 2.76% to $81,390, and for May fell 2.73% to $82,025. Ethereum March futures fell 0.64% to $1,855.50, April futures fell 0.67% to $1,863.50, while May futures rose 2.22% to $1,932.50. According to Wall Street Journal data, the Dollar Index rose 0.19% to 103.81. The yield on the 10-year U.S. Treasury fell 3.7 basis points to 4.278%. # Bitcoin ETF Turns Positive; Ethereum ETF Continues Outflows According to Parasite Investors, Bitcoin ETFs saw a net inflow of $13.3 million on the previous day (Wednesday), turning positive for the first time in five days. However, Wednesday's inflow of $13.3 million is only about one-tenth of the daily average net inflow of $121.5 million since the Bitcoin ETF's launch. Four funds, including BlackRock's IBIT, experienced outflows, while funds like ARK 21Shares (ARKB) saw inflows. Ethereum ETFs saw a net outflow of $10.3 million, continuing a six-day streak of negative flows. Funds like Fidelity's FETH experienced outflows, with no funds recording net inflows.