According to The Kobeissi Letter, the Philadelphia Fed Services index fell by 19.4 points in March to -32.5, marking the lowest level since the 2020 pandemic. This decline, excluding 2020, represents the worst reading in 14 years. The new orders index also dropped by 18.2 points to -19.5, the lowest since April 2023. These figures suggest significant economic strain, with potential impacts on cryptocurrency trading strategies as market participants may reassess risk exposure.