The 47th President of the United States, Donald Trump, is set to hold an important crypto summit at the White House on March 7th.
CEOs, investors, and members of the Presidential Working Group on Digital Assets, including David Sacks and Bo Hines, will attend the summit.
The proposed crypto summit adds to an interesting lineup of events that will deeply influence this week’s crypto market. The week is lined up with many Macro events that can influence the price of crypto assets, but the cherry on the cake happens on Friday the 7th.
On March 7th, three major events will occur in the United States.
- US unemployment rate for February (21:30)
- US non-farm payrolls for February quarterly (21:30)
- US President Trump hosts cryptocurrency summit at the White House
The first two data sets are crucial to the crypto market and influence it in many ways.
The unemployment rate and NFP data influence Federal Reserve (Fed) monetary policy expectations. Strong NFP numbers and a low unemployment rate signal a strong economy, often leading the Fed to tighten policy by raising interest rates. Raising or cutting interest rates has a direct effect on the crypto market.
White House Crypto Summit
On March 7th, President Trump will host a crypto summit in the White House. This move follows the President’s announcement of a strategic crypto reserve for XRP, Solana, and Cardano.
The intricacies of the summit are yet to be disclosed, but it is a first of its kind since the Trump Presidency started on January 20.
The Trump administration has not lived up to expectations as far as a bull market is concerned. Aside from the Bullish market facilitated by Trump’s election victory, the crypto market has been underwhelming.
Trump’s announcement of a strategic crypto reserve yesterday is believed to be the start of the long-awaited alt season.
The market is slightly recovering from a serious downturn resulting from tariff wars between geopolitical powers and a serious breach on Bybit that cost the exchange $1.46 billion
Bitcoin crossed the $90,000 mark after a slump that saw it fall as low as $85,000. Altcoins are also making slow regains and are currently reacting to the announcement of the strategic crypto reserve by the president
