Bitcoin News

Bitcoin And Crypto Prices This Week: These Dates Will Be Crucial

Silvergate news sent the Bitcoin and crypto markets to a second week of losses. Bitcoin and crypto fell on Friday as the dollar index (DXY) fell, and the S&P 500 recovered. Despite this momentary dissociation of Bitcoin from macro events, investors should watch crucial dates this week. Bitcoin may surge if the stock market does.

The U.S. job market and Jerome Powell’s two talks will influence this week’s Bitcoin price. Powell will discuss the US economy before the Senate Banking Committee on Tuesday, March 7, at 10:00 a.m. With the recent re-acceleration in the Consumer Price Index (CPI) and Personal Consumption Expenditures (PCE) index, market players will closely watch Powell’s comments, which might impact financial markets drastically.

Investors will watch the Fed’s March 22 rate decision for monetary policy pronouncements. According to Bitcoinist, the upcoming FOMC meeting may be the most crucial of the year.

The Fed Chairman will face House Financial Services Committee questioning at 10:00 a.m. EST on Wednesday, March 8, and may repeat his earlier remarks. If Powell makes, fresh Fed monetary policy statements is unknown.

The Bureau of Labor Statistics will release the February JOLTS employment data on Wednesday. While unlikely to affect crypto market values, the data is worth a look.

The Fed monitors the robust U.S. job market. 10.60 million jobs are expected. Previous calculations indicated 11.01 million job opportunities.

Financial markets may benefit if American corporations create more jobs, as they did last month, supporting the US economy. The market has recently viewed robust US employment data favorably. China will release fresh inflation figures on Thursday, March 9. It’s worth looking east after China’s manufacturing PMI rose more than 2% last Wednesday, boosting Bitcoin and Chinese equities. Bitcoin may benefit if China’s central bank loosens monetary policy due to decreasing inflation.

The February U.S. nonfarm payrolls (NFP) employment statistics on Friday at 8:30 a.m. EST will be important. The February statistics will determine whether the January data showed the U.S. economy expanded in 2023 or if it was a seasonal bias. Last month, forecasters estimated 200,000 new jobs, down from 517,000 in January. If the projection is undershot, it will indicate that January’s impressive figure was a fluke.

In a positive scenario, the US market outperforms expectations, reducing the likelihood of a recession and raising financial market values. The 10:30 am EST U.S. unemployment rate supports this. Trading Economics predicts a 3.4% unemployment rate, the lowest since 1969.


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