Huang Renxun has left Beijing, and NVIDIA has not disclosed whether Huang Renxun met with the DeepSeek founder.

On March 19, Qatar’s Ras Laffan natural gas facility was hit by a missile again in the early hours of local time that day. Earlier the same day, Iranian sources claimed Iran had once again attacked oil facilities in “Gulf countries hosting Iran’s enemies.” Ras Laffan Industrial City is home to the world’s largest liquefied natural gas (LNG) production facility, per CCTV.

On March 19, per OnchainLens data, BlackRock withdrew 2,267 BTC (valued at roughly $161.82 million) and 5,041 ETH (worth around $11.02 million) from Coinbase. Over the past three consecutive days, the asset manager has pulled a total of 8,435 BTC—with an aggregate value of approximately $618.05 million—from the exchange.

March 19 — Federal Reserve Chair Jerome Powell’s latest hawkish remarks delivered a sharp blow to market expectations Wednesday, as he explicitly stated the central bank will hold off on rate cuts until inflation sees a **significant decline** — dashing investors’ hopes of earlier easing. U.S. Treasuries sold off sharply in response: - The 2-year yield jumped to ~3.78%, a 7-month high; - The 10-year yield rose to 4.27%. Rate-cut bets cooled rapidly: The odds of at least one cut this year are now near a **coin flip**, with some market chatter even turning to potential rate hikes. Analysts note Middle East tensions have pushed oil prices higher, amplifying inflation pressures and prompting the Fed to take a more cautious stance. Earlier bets on multiple cuts have largely reversed, driving heavy volatility in the bond market.

March 19 — CoinDesk reports the tokenized stock market has surged from under $100 million at the start of 2025 to over $4 billion, marking explosive growth.

On March 19th, data from OnchainLens shows two wallet addresses—0x554 and 0xF2f—may belong to the same entity. This entity has re-entered the Ethereum market with large purchases after a year of steady selling. In total, the entity spent ~$111.62 million in USDT to buy 50,706 ETH, at an average price of ~$2,201 per ETH. A breakdown: - Wallet 0x554: ~$61.02 million for 27,714 ETH - Wallet 0xF2f: ~$50.60 million for 22,991 ETH Relevant full addresses: 0x554adc35ccd8090566bfca842537fd39b82489c1 0xf2f270f7beb8bd9b4ea2d393961945610c4f537

**March 19 CF40 Research Report** The Federal Reserve held interest rates steady at its March meeting, matching market expectations. Its dot plot and economic projections showed upward revisions to inflation expectations and reduced scope for rate cuts, with policy overall tilting toward caution. While Fed Chair Powell noted significant uncertainty from oil price shocks and the economy’s remaining resilience, CF40 argues the actual picture is more complex. Tariffs and immigration policies have already constrained supply, and combined with oil price shocks, the U.S. economy is entering a stagflation-like phase. Meanwhile, private credit risks are emerging, and financial conditions could tighten on their own. In this context, the Fed faces short-term constraints from sticky inflation (likely holding steady now) and medium-term pressure to pivot toward rate cuts passively if demand weakens or financial risks escalate. CF40 expects the Fed to hold rates steady in H1, delaying re