Key Insights
- Crypto prices will potentially react to the upcoming Nvidia earnings on Wednesday this week.
- The Federal Reserve will publish minutes of the last monetary policy meeting.
- These events are scheduled in a backdrop where Bitcoin and most altcoins remain bearish.
Crypto prices were largely flat on Monday as traders await major events this week, including the upcoming Nvidia earnings and minutes of the last Federal Open Market Committee (FOMC) meeting. At press time, Bitcoin price stabilized at $94,000, while the market capitalization of all tokens wavered at $3.16 trillion.
Nvidia Earnings to Impact Crypto Prices
One of the most important catalysts for crypto prices this week will be the upcoming Nvidia earnings, which will come out on Wednesday after the US regular session.
Nvidia is the biggest company in the world by market capitalization and a bellwether of the hottest US industry — Tech. The chip maker’s results will have an impact on the stock and the crypto market. Its importance has escalated in the past few years as the artificial intelligence space has become one of the fastest-growing market segments.
Analysts expect the upcoming results to show that the company continued doing well in the last quarter as its top clients, including Microsoft, Amazon, Google, and CoreWeave, continued to buy its GPUs. Taiwan Semiconductor, Nvidia’s primary chip supplier, and some of its other suppliers, like Samsung and SK Hynix, recently published strong financial results.
Also, its top clients have continued to expand their data centers, seemingly unfazed by the rising ‘AI bubble’ chatter. None of the top hyperscalers announced that they were slowing their data center buildup during their third-quarter results.
The average estimate among analysts is that Nvidia’s revenue rose by 57% in the third quarter to $54.9 billion, a record high. This is a notable number considering that its annual revenue was $26 billion in 2022 and $60 billion in 2023.
Analysts also expect the earnings per share (EPS) to come in at $1.25, much higher than the $0.81 in the same period last year. On top of this, they expect that the forward guidance will be strong, with the annual revenue estimate being $207 billion.
Strong Nvidia earnings and guidance will likely fuel more stock market rally, which may help boost the performance of the crypto market. Historically, there has been some correlation between stocks and cryptocurrencies.
FOMC Minutes to Impact Cryptocurrency Prices
The other important catalyst for cryptocurrencies this week will also come out on Wednesday, when the Federal Reserve will publish minutes of the last FOMC meeting. At the meeting held on October 28–29, officials decided to cut interest rates by 0.25% to between 3.75% and 4%. It was the second meeting in which officials decided to cut interest rates this year.
The minutes will provide more information on what the Fed committee members discussed at the last meeting. It will also provide hints on what to expect in the coming meeting.
The minutes will be released at a time when market participants are questioning whether the Fed will cut interest rates in December. Polymarket data shows that investors have become increasingly uncertain about the committee’s decision.
A large poll with over $105 million in assets has odds of the bank leaving rates unchanged at 51%, while those of cutting by 0.25% have dropped to 46%.
Another tool known as the CME Fed Futures Tool shows that the probability of the Fed leaving rates unchanged was at 55.4%, while that of cutting by 0.25% was 44.6%.
One of the main concerns among hawkish Federal Reserve officials is that inflation has remained stubbornly above the 2% target for over four years. As such, the argument is that cutting interest rates further could stimulate consumer prices.
Dovish FOMC minutes will be bullish for crypto prices as risky assets normally do well when the bank is cutting interest rates.
Another potential catalyst for the crypto market will be more details on Donald Trump’s $2,000 stimulus check. Trump has pledged to send these checks to millions of Americans, with money coming from a portion of his tariffs.
The White House will likely provide more details about these checks, which may boost risk-on prices like cryptocurrencies.
Crispus is a distinguished Financial Analyst at, bringing over 12 years of expertise in cryptocurrency markets, specializing in Bitcoin and altcoins. Renowned for his sharp insights at the nexus of market trends and breaking news, Crispus delivers actionable analysis to empower investors. His work is prominently featured across leading platforms, including BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com, cementing his reputation as a trusted voice in the financial world.
