How Will These Three Major Events This Week Impact Crypto Market?
The crypto market is gearing up for a potentially explosive week, with three major events set to dominate the economic calendar. From the Federal Open Market Committee (FOMC) minutes to NVIDIA’s highly anticipated earnings report and the release of crucial employment data, this week’s events are expected to have a significant impact on the global crypto market.
As investors and traders closely watch these upcoming developments, the question on everyone’s mind is- Will the data be bullish enough to trigger a crypto market rally, or will it be bearish?
Macroeconomic Events to Influence the Crypto Market
This week, all eyes will be on the US labour market, the financial performance of tech giants, and economic indicators that could influence the Federal Reserve’s monetary policy decisions.
The outcome of these events could have a pivotal impact on the crypto market. For instance, a strong earnings report from NVIDIA could lead to increased investment in risk assets, including cryptocurrencies. On the other hand, a weak labor market could lead to a Fed rate cut, potentially boosting cryptocurrency prices. These events are particularly noteworthy as they come after the government reopening following the longest shutdown in the US history.
Currently, the crypto market is struggling to recover from the recent downturn. Following the October crash, the digital asset industry has faced a significant plummet, with top assets like Bitcoin, Ethereum, and XRP taking huge losses.
Despite fluctuations, the industry remains in the red zone, as these assets are struggling to recover from their losses. Thus, the community is eagerly awaiting these events to know their possible impact on the digital asset industry and top crypto prices.
Which are the Three Events to Watch?
According to a recent X post from analyst Ash Crypto, this week is packed with key events that could impact the crypto market. On November 19, the FOMC minutes and NVIDIA earnings will take centre stage. The next day. September unemployment data and initial jobless claims will be closely watched. Finally, on November 21, PMI data and inflation expectations will be released.
The analyst believes that NVIDIA’s earnings report and the unemployment data will be the most crucial of all the events. He noted,
“NVIDIA earnings and unemployment data will be the most important. Strong earnings will boost the stock market and the crypto market. Higher than expected unemployment data will increase the chances of a rate cut.”
Notably, the FOMC minutes will provide insights into the Federal Reserve’s monetary policy decisions. Investors will be looking for hints for the central bank’s potential decision, as there are concerns surrounding Chair Jerome Powell’s hawkish stance. If the minutes reveal a dovish tone, the crypto market is likely to get a boost.
NVIDIA’s earnings report is also highly anticipated, with analysts expecting revenue of around $54 billion, a 55% increase year over year. If the report provides strong statistics, it could substantially influence the crypto and stock markets.
Meanwhile, the US employment data is expected to reach 22,000, with an unemployment rate of 4.3%. Initial jobless claims will also be monitored. Higher-than-expected unemployment data could increase the odds of a Fed rate cut, potentially bolstering crypto growth.
In conclusion, this week’s key macroeconomic events have the potential to significantly impact the stock and crypto markets. Investors and traders should stay informed and be prepared for potential market volatility.
