3 Things That Could Affect Bitcoin and Crypto Prices This Week

Crypto markets held on to gains over the weekend, and Bitcoin has remained in command, dominating the sector while the rest continue to sleep.

Last week’s CPI data was in line with expectations, while producer price inflation was above estimates. However, markets retreated after Fed Chairman Jerome Powell commented that policymakers are now on a more gradual path to monetary easing.

“The economy is not sending any signal that we need to rush to lower rates,” he said, adding to concerns that the central bank is not cutting rates as much as previously expected.

Economic events from November 18 to 22

Manufacturing data and consumer sentiment reports will be released this week, along with a big earnings report from semiconductor giant Nvidia.

On Thursday, preliminary reports of the S&P Global Manufacturing PMI and Services PMI for November will provide leading economic indicators for timely insights into changing economic conditions and potential inflationary pressures.

Preliminary readings for the Michigan Consumer Sentiment Index and November consumer inflation expectations will be released on Friday. This data shows the results of a monthly survey of consumer confidence levels and their views on long-term inflation. Consumer confidence levels affect spending, which contributes about 70% of US GDP.

Several real estate reports, such as new home starts and existing home sales data, will also be released this week, although they have no impact on crypto markets.

Key events this week:

1. October data on housing starts – Tuesday

2. Nvidia, $NVDAEarnings Reports – Wednesday

3. Philly Fed Manufacturing Index – Thursday

4. October Existing home sales data – Thursday

5. S&P Global US Manufacturing PMI data – Friday

6. ME Consumer…

— Kobeissi Letter (@KobeissiLetter) November 17, 2024

The world’s most valuable company, Nvidia, will report third-quarter results after the bell on Wednesday. It is expected to report revenue growth driven by demand for artificial intelligence infrastructure.

Analysts expect the chipmaker’s revenue to grow 84% year over year to $33.3 billion and net income to jump to $17.4 billion, or 70 cents per share.

This could have a big impact on AI-related digital assets such as Near Protocol (NEAR), Internet Computer (ICP), Bittensor (TAO), and Artificial Superintelligence Alliance (FET), all of which have surged over the past 24 hours

Crypto market outlook

The crypto market capitalization has remained relatively stable over the weekend, with a total cap of $3.18 trillion at the time of writing.

Bitcoin held above $90,000 for most of the weekend, rebounding from a minor drop below $89,000 during Asian trade on Monday morning to regain $90,800 at the time of writing.

Ethereum hasn’t seen any gains, but has held $3,100 for the past few days. Meanwhile, most altcoins showed signs of recovery during Monday trading in Asia.

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