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According to ChainCatcher, as reported by The Block, bitcoin has retreated again after a recent rebound, falling below the $70,000 mark. The macro environment has become more cautious, and the market still faces uncertainty. Analysis points out that since the escalation of the Iran conflict, spot market buying has significantly increased, but ETF capital flows have reversed after three consecutive days of net inflows. The current market is simultaneously digesting multiple uncertainties, including the escalation of geopolitical conflicts, profit pressures in the technology sector, and vulnerabilities in the private credit market. If oil prices remain high and continue to push up yields, it may limit the further rebound space for risk assets.

Golden Ten Data reported on March 6 that Nick Rees from Monex Europe stated that the strong performance of the pound against the euro partly reflects a greater shift in UK interest rate expectations compared to the eurozone. According to LSEG data, the market previously expected the Bank of England to cut rates twice this year, but current pricing shows that the likelihood of further rate cuts this year is minimal. For the European Central Bank, the market previously expected rates to remain unchanged this year, but is now pricing in the possibility of a 25 basis point rate hike by the end of the year. Rees pointed out: "Our sense is that it is easier to delay easing expectations than to price in a resumption of rate hikes, and in this scenario, the pound has more of an advantage."

According to Golden Ten Data on March 6, Chris Turner from ING stated that the rally of the pound against the euro is unlikely to continue further, as rising energy prices could negatively impact UK government bonds. As energy prices rise and the market reduces expectations for Bank of England rate cuts, short-term interest rates for the pound are increasing. However, Turner pointed out that this could cause trouble for the UK government bond market, where investors are currently overweight. He stated that while the pound is enjoying short-term benefits from high interest rates, there is a risk of bond market turmoil triggered by energy price shocks. In this scenario, UK government bonds may once again drag the pound to lower levels in the coming weeks.