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Highlights
- Market participants have their eyes on March 7 for the release of key economic data.
- Federal Reserve Chair Jerome Powell is expected to deliver a speech that could swing investors' sentiments.
- The White House is inching toward its first Crypto Summit to shape future policy for the sector.
Investors have their eyes glued to March 7 as a key date that could send the markets on a bigger rally or trigger new bearish sentiments. Several high-profile events and announcements with seismic impact on Bitcoin prices are scheduled for March 7 with the pendulum capable of swinging in any direction.
Key Employment Data And Crypto Summit On The Same Day
On March 7, the US Bureau of Labor Statistics (BLS) will release key employment data to the public to ascertain the strength of the economy. Market participants are bracing for the release of non-farm payroll (NFP) and unemployment rate data, capable of sending the markets into a frenzy.
Strong NFP data suggesting rising wages and low unemployment rates may reduce speculative interest in Bitcoin. Conversely, high unemployment and job losses may see crypto prices spike as investors ditch traditional assets.
Apart from the highly anticipated data, Federal Reserve Chair Jerome Powell is expected to give a speech. Sources say Powell’s speech will revolve around near-interest rate cuts as investors brace for impact.
Finally, on March 7, leading ecosystem players will attend the first-ever White House Crypto Summit. The event will be the first in a series of summits designed to shape crypto policy in the US.
While the Crypto Summit is expected to trigger positive sentiments, pundits expect the event to prop BTC’s march to $150K.
The Rest Of March Will Be Eventful For Bitcoin Prices
While investors look to March 7, the month is littered with events that will have an impact on crypto prices. On March 6, the CFTC will host its CEO forum with stablecoins in the futures market at the fore.
The House Committee on Banking will markup a stablecoin bill at a tentative date in March. Ahead of the markup, US lawmakers have launched a bipartisan crypto caucus to collaborate on digital asset policies.
Following the SEC dismissals of Kraken’s case, the Commission is expected to hold a crypto industry roundtable in March. There is also speculation a nomination hearing date for Paul Atkins as SEC Chair will be mooted in March.
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