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The index currently scores 19 out of 100, which is exactly on the boundary between "fear" and "extreme fear." Earlier this week, the index did enter the "fear" zone, but selling triggered by the newly appointed Federal Reserve Chair Walsh’s hawkish remarks is dragging down cryptocurrencies. CoinMarketCap data also shows that capital continues to flow out of so-called “altcoins,” which are crypto tokens traded on cryptocurrency exchanges other than Bitcoin and stablecoins. CoinMarketCap stated that after a brief uptick, the combined market capitalization of altcoins remains slightly above $900 billion.

The rapid decline in urea prices this round closely aligns with the market’s growing expectations for the reopening of the Strait of Hormuz. As one of the world’s most important shipping routes, the arrangement for the Strait of Hormuz is a core element in the negotiations between the US and Iran to end the current conflict. The Middle East itself is one of the world’s main urea production regions. Urea, a widely used synthetic nitrogen fertilizer in agricultural production, is highly dependent on the smoothness of shipping in the Middle East for its supply and price stability.

The rapid decline in urea prices in this round closely aligns with the growing market expectations that the Strait of Hormuz will soon reopen to navigation. The reopening of the Strait of Hormuz is one of the key terms in the agreement that the United States and Iran are preparing to sign to end the current conflict. As one of the world's main urea-producing regions, the Middle East holds a significant share in global urea exports. Urea itself is currently the most widely used synthetic nitrogen fertilizer in agriculture, and the stability of its supply is directly related to the security of fertilizer for global agricultural production.