- US economic data this week could influence crypto market sentiment and Bitcoin prices.
- Manufacturing PMI, tariffs, and employment reports could impact Bitcoin’s market appeal.
- White House Crypto Summit on March 7 may shape future US digital asset policies.
This week, several important U.S. economic events may affect the crypto market. After a change in sentiment sparked by President Donald Trump’s executive action to commission a crypto strategic reserve, market players and investors keep a close eye on economic data releases.
Manufacturing PMI – March 3
The first figure to watch is the S&P Global Manufacturing Purchasing Managers Index (PMI), released on March 3. This gauge measures activity in the US manufacturing sector and reveals how the economy might hold up.
A reading above 50 signals growth, a plus for the US dollar (USD), and could reduce Bitcoin’s appeal as a hedge. A reading below 50 shows contraction, which may boost demand for digital assets among investors seeking alternate safe options.
Tariff Deadline for Mexico and Canada – March 4
On March 4, the US plans to impose tariffs on goods from Mexico and Canada. However, confusion persists about the specifics, as President Trump hinted at possible alterations to the initially planned 25% tariff.
While the exact rate remains in flux, trade-based economic fallout might influence risk assets, including Bitcoin.
Related: US vs. China Tariff Tussle: Crypto’s Dip or Hedge Shift?
ADP Employment Report – March 5
The ADP National Employment Report, set for March 5, will highlight private-sector job growth in the US. After last month’s disappointing figures, analysts forecast a further slowdown, with February’s job growth dropping to near 143,000.
A stronger-than-expected result could reinforce confidence in traditional markets and weigh on Bitcoin. Meanwhile, weaker data may bolster expectations of Federal Reserve rate cuts, possibly lifting Bitcoin’s value.
Non-Manufacturing PMI – March 5
The Non-Manufacturing PMI, also scheduled on March 5, provides insights into the service sector’s performance. Since the US service sector drives a significant portion of the economy, any slump could suggest broader weakness and encourage investors to turn toward Bitcoin as an alternate asset.
Related: President Trump to Speak at First-Ever White House Crypto Summit on March 7
US Jobless Claims – March 6
On March 6, the weekly Initial Jobless Claims data will give a snapshot of the nation’s labor market. Analysts anticipate a rise to 243,000 claims, hinting at a possible slowdown in hiring. Higher claims could deepen economic worries, prompting more people to see Bitcoin as a safe haven.
White House Crypto Summit – March 7
The White House Crypto Summit, set for March 7, brings together industry leaders and policymakers to discuss the next steps for digital assets. This event, which plays a part in shaping US crypto policy, might influence market sentiment.
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