Markets are bracing for the first print of US inflation data since the start of the Iran war, with crypto traders keeping a closer eye on this reading.

Market bets show a jump in consumer prices reading by 1% from February, the sharpest one-month spike since the Ukraine-war-led surge in price pressures in 2022.

Bitcoin has snuck up over equities for most of March, and the real test comes as macro data releases are expected to point to consumer pain.

After the Iran War lasted for over a month, the only good thing that has happened is that the price shock isn't as bad as it was during the same stage of the crisis in Ukraine. Oil prices are still below their all-time high of $123/bbl in 2022, or about $140 in today's currency, after taking inflation into consideration.

Europe also benefits from the fact that gas prices are currently quite low. There has been a tremendous change in Europe's connection to natural gas in only four years.

Unfortunately, things seem much worse when given as a percentage. And it's more crucial when thinking about inflation and the possibility of rate hikes.

The fact that shipping traffic through the Strait of Hormuz shows no signs of recovering is even more worrisome.