Crypto Markets Steady Amid Softer Inflation Data and Iran Tensions

Cryptocurrency markets were steady on Wednesday, while stocks rallied as investors digested softer inflation data and heightened tensions with Iran. Bitcoin traded sideways, reaching an intraday high of $65,507 but encountering strong resistance soon after. Ethereum, however, broke the $1,900 mark for the first time since February 3.

XRP and Dogecoin moved in line with Bitcoin's steady performance, while Solana dipped 0.97%. The global cryptocurrency market capitalization stood at $2.2 trillion, following a dip of 0.79% over the last 24 hours.

Market sentiment remained cautious, with 'Extreme Fear' prevailing according to the Crypto Fear & Greed Index. Analyst Michaël van de Poppe noted that indicators were flashing bottom signals and backed a dollar-cost averaging strategy during such periods.