Why March 7th is crucial for Bitcoin and the overall cryptocurrency market

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Why March 7th is crucial for Bitcoin and the overall crypto market
Why March 7th is crucial for Bitcoin and the overall crypto market
March 3, 2025


Bitcoin, Ethereum, XRP, Solana, and Cardano

Despite the weekend’s optimism-fueled rally, Bitcoin and the broader crypto market could still face significant volatility in the near term.
After a tough month that saw Bitcoin and most crypto assets hit new year-to-date lows, renewed crypto reserve optimism, fueled by statements made by President Donald Trump over the weekend, sent prices soaring again, quickly reversing negative sentiment.
Despite this newfound optimism, crypto markets are still likely to face significant hurdles in the near term, with March 7 perhaps the most important date to watch.
First, on March 7, the United States will release key employment data for February 2025, including non-farm payrolls and the unemployment rate, and Federal Reserve Chairman Jerome Powell is expected to deliver a speech. The release of these data and Powell's speech may provide some indication of the likelihood of a rate cut in the near term.
According to TRADING ECONOMICS data at the time of writing, the U.S. is expected to add 153,000 jobs in February 2025, an increase from 143,000 in January 2025. On the other hand, the unemployment rate is expected to remain unchanged at 4.0%.
Additionally, on March 7, Trump will host the first White House Crypto Summit, where market participants hope to achieve concrete results.
These events can have a significant impact on price action, so the crypto markets may experience some wild volatility.
Other factors that could move markets this week include tariffs that Trump imposed on Canada and Mexico on March 4.
While all these factors point to short-term volatility, analysts remain fairly optimistic in the long term.
In an investor note on Monday, March 3, Geoffrey Kendrick, head of digital assets research at Standard Chartered Bank, noted that the timing of Trump’s crypto reserve announcement suggests “Trump protection for crypto” is similar to Fed protection for stocks, suggesting the president appears willing to step in to mitigate a major market downturn.
Kendrick believes this growing market conviction could boost investor confidence and send prices higher. He also said it could improve the chances of U.S. states moving forward with their Bitcoin and crypto reserve plans.

“We have shifted from selling rallies to buying pullbacks. As a result, I am refocusing on my $500,000 Bitcoin target,” the analyst concluded.
He has predicted that Bitcoin will reach a price of $500,000 before Trump leaves office, benefiting from better entry opportunities and reduced volatility.
Prior to this week’s uncertainty, Bitcoin still held onto most of its weekend gains, trading at $92,600 at the time of writing.

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