PANews reported on March 18 that according to CoinDesk, David Duong, head of research at Coinbase Institutional, said that the market almost universally expects the Federal Reserve to keep interest rates unchanged at this week's Federal Open Market Committee meeting, but investors should pay attention to any potential changes in the Federal Reserve's balance sheet reduction (i.e. quantitative tightening, QT) plan. He wrote in a report on Monday: "We believe that the Federal Reserve may suspend or end its quantitative tightening program because bank reserve levels are close to 10-11% of US GDP, a level generally considered sufficient to maintain financial stability."

He said the recent cryptocurrency sell-off was mainly due to macroeconomic concerns and deteriorating liquidity conditions, but these factors could improve in the next quarter, providing support for asset prices. He concluded: "Cryptocurrency prices may bottom out in the next few weeks before rebounding to new highs later this year."