Due to persistent inflation above target levels and surging oil prices, the probability of a Fed rate hike in April has risen to 12%, a stark contrast to market expectations for rate cuts just weeks ago. This has triggered a global bond selloff, with the 10-year U.S. Treasury yield climbing to 4.38%. As traditional markets decline, Bitcoin is viewed as a leading indicator, with analysts believing that Bitcoin's price near $70,000 may already reflect expectations of an economic recession.

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