Bitcoin experienced significant volatility this morning, reaching a new high for the year at $64,200. However, it quickly faced selling pressure and dropped $2,000 within 5 minutes, briefly touching $62,300. Nevertheless, BTC quickly rebounded to $63,500, resulting in a volatile market for both long and short positions.
Earlier, Bitcoin’s volatility was intense and quick. Moving forward, we will summarize potential events this week that may bring market volatility.
Firstly, a major focus on the US political stage is the upcoming “Super Tuesday” on March 5th. On this day, several states in the US will hold presidential primary elections and party caucuses.
Currently, former President Donald Trump is leading within the Republican Party, and it is expected that he will secure 1,215 electoral votes around mid-March, thus securing his position as the Republican presidential candidate and ending the chances of his opponent, former US Ambassador to the United Nations Nikki Haley.
Jerome Powell, Chairman of the Federal Reserve, will attend the House Financial Services Committee on March 6th at 10:00 AM Eastern Time (11:00 PM Taiwan Time) to present the semi-annual monetary policy report. Subsequently, on March 7th at 10:00 AM Eastern Time (11:00 PM Taiwan Time), Powell will attend a hearing at the Senate Banking Committee.
International media widely expect that this hearing will focus on inflation issues and the Federal Reserve’s plan to increase capital requirements for large banks. In addition, as problems in the commercial real estate market worsen, attention is not only on the recent financial collapse of New York Community Bank but also on more than 20 other lending institutions that are under close regulatory scrutiny.
The US will release the February ADP Employment Report and January JOLTS Employment Change data on March 6th, followed by the latest Non-Farm Payrolls report on March 8th. If the employment data continues to be strong, it could impact the Federal Reserve’s assessment of interest rate cuts.
Related Reports:
– US Non-Farm Payrolls in January “Far Exceeded Expectations,” First Round of Rate Cuts Expected to be Delayed Until June, BTC Plunges and then Rebounds to $43,000.
– Federal Reserve Dove Predicts Two Rate Cuts in 2024, Action Expected in the Third Quarter.
– Historical Lesson! If the Federal Reserve Opens “Monetary Easing Policies,” the Stock Market Usually Crashes.
– Air Raid Alert! The US Government Will Sell $114 Million in Bitcoin, Still Holding Over 210,000 BTC.