Home
Crypto News
Market
Why March 7 Is Crucial for Bitcoin and the Broader Crypto Market
Why March 7 Is Crucial for Bitcoin and the Broader Crypto Market
March 3, 2025
Bitcoin, Ethereum, XRP, Solana and Cardano
Despite the optimism that emerged over the weekend, Bitcoin and the broader crypto market may still encounter significant turbulence in the short term.
Following a challenging month that saw Bitcoin and most crypto assets reach new year-to-date (YTD) lows, renewed optimism for crypto reserves, sparked by weekend statements from President Donald Trump, has led to a surge in prices, quickly reversing the negative sentiment.
However, despite this renewed optimism, the crypto market may still face substantial hurdles in the short term, with Friday, March 7, potentially being the most significant date to monitor.
On March 7, the U.S. is set to release key employment data for February 2025, which includes the non-farm payroll and unemployment rate, and Federal Reserve Chair Jerome Powell is expected to speak. The data releases and Powell’s speech will likely indicate whether or not near-term interest rate cuts are being considered.
According to
TRADING ECONOMICS data at the time of writing, the U.S. is expected to have added 153,000 jobs in February 2025, up from 143,000 in January 2025. Conversely, the unemployment rate is anticipated to remain unchanged at 4.0%.
Additionally, on March 7, Trump will host the first-ever White House crypto summit, with market participants hoping for concrete outcomes.
These events are likely to significantly impact price action, leading to potential volatility in the crypto market.
Other factors that could influence the market this week include the implementation of Trump’s tariffs on Canada and Mexico on March 4.
While all these indicators suggest short-term turbulence, analysts remain significantly optimistic in the long term.
In a Monday, March 3 note to investors, Standard Chartered Head of Digital Asset Research Geoffrey Kendrick asserted that the timing of Trump’s crypto reserve statements points to
“a Trump put for crypto,” similar to a Fed put for stocks, suggesting that the president appears willing to intervene to mitigate significant market downturns.
Kendrick argued that this growing market belief could bolster investor confidence, allowing prices to edge upward. He also stated that it could enhance the likelihood of U.S. states proceeding with their Bitcoin and crypto reserve plans.
“We have moved from selling rallies to buying dips. And hence I re-focus on my $500k BTC target,” the analyst concluded.
He had predicted Bitcoin would reach the $500,000 price point before Trump leaves office, bolstered by improved access and reduced volatility.
Ahead of this week’s uncertainties, Bitcoin continues to retain the majority of its weekend gains, trading at $92,600 at the time of writing.
Tags
Latest Bitcoin (BTC) News Today
Latest Donald Trump News
