A $108T global liquidity surge should be sending Bitcoin to the moon — So why isn’t it?

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Global M2 money supply is at an all-time high — so why isn’t Bitcoin surging? Is something broken, or is a delayed breakout coming?

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Markets are heading into the Federal Reserve’s Mar. 18-19 meeting with mounting uncertainty as economic conditions remain volatile. Stock markets have stumbled, inflation remains persistent, and investors are reassessing their expectations for interest rate cuts. Adding to the unpredictability, President Trump’s tariff policies and federal layoffs have raised fresh concerns about the broader economic outlook, injecting further instability into an already fragile market.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Amid this uncertainty, financial markets have responded sharply. The S&P 500 has dropped more than 8% from its Feb. 19 all-time high, while the Nasdaq plunged 4% on Mar. 10 — its worst trading day since 2022. Meanwhile, the volatility index has surged to its highest level since August, reflecting the difficulty investors face in maneuvering shifting policies, particularly Trump’s tariff hikes. Bitcoin has struggled to find its footing, remaining range-bound around $82,300 as of Mar. 18 — down nearly 25% from its all-time high of $109,114 in January.