Macro

Bitfinex: Macroeconomic conditions will significantly impact Bitcoin's trend in the coming weeks

ChainCatcher news, the Bitfinex Alpha report shows that Bitcoin fell by 17.39% in February, marking the worst February performance since 2014 and the second worst February in history. Since hitting bottom after the FTX collapse in November 2022, Bitcoin bull market corrections have typically ranged between 18-22%, but February saw a correction of 28.3% from January's historical high of $109,590, making it one of the most significant corrections since the end of the bear market.On March 2, U.S. President Trump announced the establishment of the U.S. Crypto Reserve Program, triggering a strong market rebound, with Bitcoin rising 20% from recent lows and a single-day increase of over 12%. However, subsequent sell-offs pushed the Bitcoin price back down to around $92,000. Bitfinex analysts believe that macroeconomic conditions (including the performance of the S&P 500 index) will significantly impact Bitcoin's trajectory in the coming weeks before the details of the Crypto Reserve Program are announced.The report also points out that the U.S. economic situation is complex, with persistent inflation, declining consumer confidence, and slowing economic growth. January's personal consumption expenditure inflation data showed a year-over-year growth rate of 2.5%, exceeding the Federal Reserve's 2% target. Rising service costs and new import tariffs are expected to further affect the Federal Reserve's ability to adjust interest rates, reducing the likelihood of recent rate cuts.

Greeks.Live: This week is a macro big week, and the most noteworthy event is the cryptocurrency summit in the U.S. on Friday

ChainCatcher news, Greeks . Live macro researcher Adam posted on the X platform that the most noteworthy event this week is the cryptocurrency summit to be held in the U.S. on March 7, where every move of Trump greatly influences the cryptocurrency market. This week is a macro big week, with impactful news almost every day. This Friday, in addition to the crypto summit, there are two significant data points: the unemployment rate and non-farm payrolls, which are very worth paying attention to. Moreover, the U.S. is about to switch to daylight saving time, making it more convenient to monitor the market. On Tuesday, Trump's tariff policy on the U.S. and Canada takes effect, and there are also important economic events on other days, creating rare trading opportunities driven by events.Cryptocurrency market outlook: The cryptocurrency market rebounded significantly over the weekend, with a single tweet from Trump reversing the prolonged bearish sentiment in the crypto market. Bitcoin has returned to the fluctuation zone of $94,000, and the sudden change in market conditions caught participants off guard, shifting market sentiment from very pessimistic to very optimistic. In terms of options, the volatile market has driven a rebound in implied volatility (IV) across all maturities, with the at-the-money IV for the current month rebounding to 55%, and short-term IV soaring to 70%. The intense market movements and the uncertainty brought by multiple economic events this week will likely keep the IV at a relatively high level, but buying options remains very cost-effective.Regarding the cryptocurrency interest rate market, the Bitfinex interest rate market has been relatively stable recently, and suitable interest rate orders can be actively executed, especially during market movements, which are worth paying special attention to.

Important macro data next week: Non-farm payrolls, Powell, and Trump vying for attention, with increased bets on Fed rate cuts

ChainCatcher news: After the U.S. inflation data met expectations on Friday, the dollar held near a two-week high, and the argument between Trump and Zelensky also boosted the dollar's safe-haven appeal. U.S. Treasury bonds recorded their strongest start to a year since the COVID-19 crisis in early 2020, with the 10-year U.S. Treasury yield, which approached 4.8% in January, now close to 4.2%, and the two-year Treasury yield dipped below 4% during the day for the first time in four months. U.S. stocks nearly erased their gains for 2025 but rebounded sharply on Friday, narrowing the losses for the second consecutive week. Here are the key points the market will focus on in the new week:Monday 22:45: U.S. February S&P Global Manufacturing PMI finalMonday 23:00: U.S. February ISM Manufacturing PMI, U.S. January Construction Spending MoMTuesday 21:50: 2025 FOMC voter, St. Louis Fed President Bullard speaksWednesday 3:20: FOMC permanent voter, New York Fed President Williams speaks at Bloomberg Investment ForumWednesday 21:15: U.S. February ADP Employment ChangeWednesday 22:45: U.S. February S&P Global Services PMI finalThursday 1:00: Federal Reserve releases Beige BookThursday 20:30: U.S. February Challenger Job CutsThursday 21:30: U.S. Initial Jobless Claims for the week ending March 1Friday 21:30: U.S. February Nonfarm Payrolls, Unemployment Rate, Average Hourly Earnings YoY and MoMFriday 23:45: FOMC permanent voter, New York Fed President Williams and Fed Governor Bowman participate in a panel discussion at the University of Chicago Booth School of Business organized U.S. Monetary Policy ForumU.S. February nonfarm payroll data will be released on Friday, which could be a key indicator affecting the direction of U.S. interest rates. Economists estimate that the U.S. economy added 133,000 jobs in February, down from 143,000 in January; the unemployment rate is expected to remain unchanged at 4%, while average hourly earnings are expected to increase by 0.3% month-over-month, down from 0.5% in January. The January PCE report is the last inflation data that Federal Reserve officials will receive before their next policy meeting on March 18-19. After cutting rates by 100 basis points in three consecutive meetings at the end of 2024, the Federal Reserve is almost certain to keep rates steady in this year's second consecutive meeting.
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