Last week was full of volatility in the financial markets, including the crypto market, and it seems that this week will be no less exciting, as the crypto community awaits three major events that could significantly impact the cryptocurrency market.
These events are as follows:
Economic reports and their impact on the market:
Investors are awaiting the release of several major economic reports this week, most notably the manufacturing and services PMI, in addition to labor market data, including the February jobs report.
These indicators are crucial in assessing the health of the US economy, and may influence the Federal Reserve’s decision on monetary policy.
Federal Reserve officials’ speeches:
Nine Federal Reserve officials are expected to make statements this week, which may provide clues about the upcoming monetary policy directions, especially with the Fed meeting approaching on March 19.
According to CME Bank’s monitoring, markets expect a 95% chance of interest rates remaining unchanged, but any unexpected statements could lead to significant volatility in financial markets and cryptocurrencies.
Executive Orders from President Trump
Cryptocurrencies have seen huge jumps following Donald Trump’s announcement of the US cryptocurrency reserve, which will include Bitcoin, Ethereum, and other digital currencies such as XRP, SOL, and ADA.
The announcement pumped $300 billion into the market within hours, raising the total market cap by 8% to $3.2 trillion.
Bitcoin rose to $94,900 before retreating slightly, while Ethereum jumped 10% to exceed $2,500.
Among the biggest beneficiaries, XRP recorded a 35% increase to $3, while Solana added 18% to reach $175, and Cardano jumped 60% to exceed $1.
Before the market drops again without justification and returns, we await what will happen in the coming days.
