Crypto markets brace for U.S. inflation data and earnings week

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Crypto markets and U.S. inflation

Highlights

October U.S. consumer price index data due Nov. 14 is expected to show a 0.2% monthly rise after September’s 0.6% increase pushed annual inflation to 3.7%.
Producer price data on Nov. 17 follows a September year-over-year jump of 6.3%, with stronger inflation readings likely to support the case for higher interest rates and weigh on crypto.
Earnings reports from MARA Holdings, eToro Group, Bitgo Holdings, HIVE Digital Technologies, and others between Nov. 9–12 will test sentiment across crypto-linked firms.

Inflation data and crypto calendar in focus

As reported by CoinDesk, October U.S. consumer price index data is due on Tuesday, with economists surveyed by FactSet expecting a 0.2% monthly rise after September's gasoline-driven 0.6% increase pushed annual inflation to 3.7%, the highest level since May.

Producer price data follows on Friday after rising 6.3% from a year earlier in September, the biggest annual gain in more than three years. Stronger-than-expected inflation readings would reinforce the case for higher interest rates, a backdrop that typically weighs on risk assets such as cryptocurrencies.

On the crypto industry calendar, Kinetiq is set to launch the Elysium mainnet on Nov. 9 as a general-purpose layer-2 network for the Hyperliquid ecosystem. On Nov. 12, the European Banking Authority takes over supervision of USDC's own funds, reserve assets, liquidity, and recovery and redemption plans, while Open Standard hosts an OUSD payments demonstration and livestream from San Francisco the same day.

The wider macro schedule also includes remarks from Federal Reserve Vice Chair for Supervision Michelle Bowman on Nov. 10, UK third-quarter GDP estimates on Nov. 12, U.S. initial jobless claims on Nov. 12, eurozone third-quarter GDP and employment data on Nov. 13, and Japan's preliminary third-quarter GDP estimate on Nov. 15. U.S. bond markets are closed on Veterans Day on Nov. 11 on SIFMA's recommendation, while stock markets remain open.

Earnings to test sentiment across crypto-linked firms

A busy earnings slate is also due to offer investors a read on operating conditions across crypto and adjacent technology companies. Reports scheduled for Nov. 9 include MARA Holdings, Exodus Movement, Sharplink, Trump Media & Technology Group, Bitgo Holdings and HIVE Digital Technologies.

CoreWeave, Bitdeer Technologies and eToro Group are due on Nov. 10, followed by DeFi Development on Nov. 11, Figure Technology Solutions on Nov. 12 and Gemini Space Station later that day. The results are likely to provide additional signals on trading activity, mining economics, infrastructure demand and broader market confidence across the sector.

In our earlier article on UBS’s extended Fed tightening-cycle forecast, we explained how persistent inflation pressures led the bank to expect additional rate hikes, reinforcing a higher-for-longer policy outlook. The piece also noted that markets quickly repriced the path for rates after the CPI surprise, a dynamic that can tighten financial conditions and influence sentiment toward risk assets.

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