Bitcoin closed at $77K last Friday after a dramatic tech stock decline and “higher-for-longer” interest rate commentary from the Fed.
Stronger economic data—including U.S. third-quarter GDP growth of 3.4% and solid inflation numbers—also suggests the Federal Reserve may keep interest rates higher for longer. And crypto market confidence was also tested after it was revealed that a North Korean hacker group had stolen over $6 billion from Binance’s internal wallet. The Crypto Fear and Greed Index now stands at 37 as traders have become increasingly bearish on the market.
Key Market Drivers for the Week Ahead
This week’s U.S. Midterm Elections on November 3 could re-shape the trajectory of crypto markets – while the Democrats are against the CLARITY act in its current form, a win by their side in Congress could pressure President Trump to bring an end to the Iran conflict, calming oil prices and inflationary pressures. Additionally, fresh U.S. jobs reports and Fed official speeches this week could give us insight into how the evolving macro environment could shape crypto prices going forward.
At the same time, it’s a big week for corporate earnings, with major tech and AI companies such as Apple, Palantir, AMD, and Arm Holdings set to report quarterly results. Because crypto markets often move alongside tech stocks, these reports could affect market sentiment across the board.
Here are the major economic indicators to watch out for this week:
- Nov 2: US manufacturing PMI and ISM Report on business manufacturing PMI
- Nov 3: Job openings & labor turnover survey and factory orders
- Nov 4: ADP national employment report, U.S. trade balance, US services PMI, and ISM report on business services PMI
- Nov 5: Weekly Jobless Claims and Fed speech: Cleveland Fed President Beth Hammack
- Nov 6: Employment Report, unemployment rate, avg hourly earnings, Federal Reserve Bank of St. Louis President Alberto Musalem speaks at Greater St. Louis, Inc. event, Fed speech: Fed governor Michelle Bowman, and Consumer Credit
