On Saturday (March 8) in the early morning, U.S. President Trump hosted the inaugural Crypto Summit at the White House. While he reiterated his stance on establishing a U.S. strategic Bitcoin reserve and ending the government's anti-crypto stance, investors had originally hoped the U.S. government would allocate more funds to purchase Bitcoin (the current executive order is to treat confiscated BTC as reserves, and whether there will be more budgets in the future remains to be observed), so Bitcoin prices faced headwinds again. Just this (10th) morning, Bitcoin fell below the $80,000 mark, dropping to $79,940, revisiting the $78,200 level seen at the end of February. As of press time, the price has rebounded to $81,215, a drop of 5.63% in the past 24 hours.

Bitcoin Enters Extreme Fear Again

According to the Coinglass Fear & Greed Index, Bitcoin is currently back in the Extreme Fear zone of 20, a level it has only reached 28 days in the past year. While this is a potential bottom signal, in the short term, Bitcoin is still greatly affected by the overall economy, and it is difficult to say whether an effective rebound can be initiated.

Key Economic Data This Week

The U.S. will release important inflation data, the CPI, this Wednesday. If the data significantly exceeds market expectations, it may lead to greater volatility, so investors should be cautious. 3/11 (Tuesday) - Japan: Q4 GDP quarter-on-quarter, released 0.7%, forecast 0.3% - U.S.: January JOLTS job openings, forecast 7.600M 3/12 (Wednesday) - U.S.: February core CPI (month-on-month), forecast 0.3%, previous 0.4% - U.S.: February CPI (month-on-month), forecast 0.3%, previous 0.5% - U.S.: February CPI (year-on-year), forecast 3.0% - U.S.: Crude oil inventories, previous 3.614M - Canada: Interest rate decision, previous 3.00% 3/13 (Thursday) - U.S.: Initial jobless claims, previous 221K - U.S.: February PPI (month-on-month), forecast 0.3%, previous 0.4% 3/14 (Friday) - UK: January GDP (month-on-month), previous 0.4% - Eurozone: Germany February CPI (month-on-month), released 0.4%, previous -0.2%