While this week has been a relatively quiet period on the United States economic calendar, a major earnings report could weigh on some crypto assets. Cryptocurrency markets held onto their gains over the weekend, with Bitcoin continuing to lead the sector, while other crypto assets remained more subdued.
Consumer Price Index (CPI) data released last week were in line with market expectations. However, producer price inflation exceeded estimates. Markets retreated after Fed Chair Jerome Powell said the central bank was on track to pursue a more cautious monetary policy. Powell said, “The economy is not sending any signals that we are in a hurry to lower interest rates.” This statement increased investors’ concerns that the central bank may hold back from previously anticipated rate cuts.
This week, manufacturing data and consumer confidence reports are expected, as well as a major earnings report from semiconductor giant Nvidia. On Thursday, preliminary S&P Global Manufacturing PMI and Services PMI for November will be released. These figures will provide early signals about changing economic conditions and potential inflationary pressures. On Friday, preliminary Michigan Consumer Confidence Index and Consumer Inflation Expectations for November will be released. These figures are important indicators of consumer confidence and long-term inflation expectations. Consumer confidence is an important source of data for consumer spending, which accounts for about 70% of U.S. GDP, because it affects spending.
This week, some real estate reports on housing starts and existing home sales are also due out, but they are not expected to have a major impact on cryptocurrency markets. Nvidia, the world’s most valuable company, will report third-quarter results after the market closes on Wednesday. The company is expected to see a big boost in revenue thanks to demand for its semiconductor infrastructure. Analysts are forecasting Nvidia’s revenue to rise 84% annually to $33.3 billion, with net income of $17.4 billion, or 70 cents per share.
This development could have a significant impact on AI-focused digital assets like Near Protocol (NEAR), Internet Computer (ICP), Bittensor (TAO), and Artificial Superintelligence Alliance (FET), which have all gained value in the past 24 hours. The total cryptocurrency market cap has remained relatively stable over the weekend, with a market cap of around $3.18 trillion at press time. Bitcoin traded above $90,000 for most of the weekend, before briefly dipping below $89,000 in Asian trading on Monday morning before re-surpassing $90,800. Ethereum, on the other hand, has not seen any significant gains, but has been holding the $3,100 level for the past few days. Meanwhile, most altcoins have begun to show signs of recovery in Asian trading on Monday.
