NewsletterBitcoin News: Major Events That Will Impact BTC Price This Week
Bitcoin News: With Bitcoin price stuck near $22,300 since the massive liquidation on Friday, traders face difficulty deciding their next move amid the U.S. regulatory crackdown on crypto. Other cryptocurrencies, including Ethereum, are trading without any significant direction.
BTC price fell 0.27% in the last 24 hours, with the price currently trading at $22,372. The 24-hour low and high are $22,331 and $22,497, respectively. Furthermore, the trading volume is up 2% in the last 24 hours, indicating a lack of interest among traders.
Meanwhile, global traditional markets are strong and surging higher as oil prices and 10-year treasury yields continue to fall. In fact, the crypto market and the U.S. stock market correlation is also weakening. U.S. futures linked to major stock indices Dow Jones Industrial Average, S&P 500, and Nasdaq Composite are currently green.
The U.S. Dollar Index (DXY) has also fallen below 104.50, but the crypto market hasn’t responded. A further decline in DXY can bring recovery into the crypto market.
Bitcoin News: Key Events To Watch This Week
The macro events haven’t impacted the Bitcoin price in the last 3-4 days, but traders await key events that can further push prices downwards.
On March 7 and 8, U.S. Federal Reserve Chair Jerome Powell will deliver semi-annual monetary policy testimony before the Senate and House of Representatives Financial Committees. Investors await this key event for further guidance on the Fed rate hike plans. Several Fed officials have hinted that a 50 bps hike is still on the table for the rate hike decision on March 22.
On March 9, China will announce the CPI inflation data. The inflation rose to 2.1% in January from 1.8% in December. Meanwhile, the Chinese government sets its 2023 GDP growth target at around 5%, lower than last year’s target of 5.5%.
On March 10, the Bank of Japan will announce its interest rate decision. Also, the U.S. Bureau of Labor Statistics will release the jobs data. The market expectation for February non-farm payrolls is 200K, previously it came much higher at 517K. Moreover, the February unemployment rate is expected at 3.4%, it fell to 3.3% in January against market forecasts of 3.6%.
Also Read: Binance Once Planned to Evade US Scrutiny, New Texts and Documents Confirm
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Breaking: Bitcoin Gains State Adoption as Texas Becomes First U.S. State to Purchase BTC
- Rate Cut Advocate Kevin Hassett Emerges as Trump’s Top Pick For Fed Chair
- Breaking: Crypto Platform Polymarket To Operate As A U.S. Exchange as CFTC Issues Key Order
- SEC Panel to Discuss Regulatory Changes for Tokenized Equities on Dec. 4
- December Fed Rate Cut Odds Surge To 85% Following PPI Release
- Chainlink Price Could Soar to $15 as ETF Listing Nears
- Will Cardano Price Rebound as Hoskinson Hints at a TVL Surge After Midnight Launch?
- Ethereum Price Holds $2,900 Amid Massive ETF Inflows and BlackRock Purchase
- Sui Price Surges 12%: Could This Mark the Start of a Bullish Trend?
- Is Bitcoin Price Set for Major Recovery as December Rate Cut Chances Hit 80.9%?
- Solana Price Jumps as Bitwise ETF Sees Record $39.5M Inflow: Targeting $150 Next?
