The crypto market has entered the week of Nov. 9 under renewed selling pressure, with Bitcoin price falling below $74,000 as investors prepare for US inflation data, corporate earnings and several scheduled cryptocurrency events.
Summary
- Bitcoin price entered the week below $75,000 after cryptocurrency liquidations exceeded $1 billion during weekend trading.
- US October inflation data arrives Tuesday, followed by producer price figures on Friday, November 13.
- MARA, Bitdeer, Gemini and other cryptocurrency companies have earnings scheduled throughout the coming trading week.
- Solayer and Pump.fun face scheduled token unlocks, while several decentralized organizations hold governance votes.
- The European Banking Authority assumes direct supervision of specified USDC reserve and liquidity requirements Thursday.
According to crypto.news market coverage, Bitcoin price traded near $74,500 on Monday after briefly falling toward $73,700 during Sunday’s sell-off. The decline followed heavy withdrawals from US spot Bitcoin exchange-traded funds and another round of liquidations that exceeded $1 billion across the cryptocurrency market.
Ethereum fell below $2,100 before recovering some losses, while XRP slipped beneath $1.10. The total cryptocurrency market capitalization dropped by more than $80 billion over 24 hours to approximately $2.47 trillion, leaving major digital assets lower ahead of Tuesday’s economic release.
US inflation data takes center stage this week
The US Bureau of Labor Statistics will publish October’s Consumer Price Index (CPI) report on Tuesday, Nov. 10, at 8:30 a.m. Eastern Time. Economists surveyed by FactSet expect consumer prices to rise 0.2% month over month, compared with September’s 0.6% increase.
September’s inflation report showed annual consumer prices rising 3.7%, their highest reading since May. Gasoline prices accounted for more than half the monthly increase, while core inflation, which excludes food and energy, rose 0.3% during the month.
The Federal Reserve uses inflation readings alongside employment and other economic figures when setting interest rates. Tuesday’s report will provide updated information on consumer prices before policymakers meet again in December.
A higher-than-expected inflation reading could strengthen expectations that interest rates will remain elevated or rise further. Higher borrowing costs can affect demand for risk assets, including cryptocurrencies, although Bitcoin’s response will depend on the figures and market positioning.
On Friday, Nov. 13, the Bureau of Labor Statistics will release October’s Producer Price Index (PPI) at 8:30 a.m. Eastern Time. September producer prices rose 1.3% monthly and 6.3% annually, their largest yearly increase in more than three years.
In a Nov. 8 post, The Kobeissi Letter identified six major events this week, including US inflation data, Wednesday’s OPEC report, Thursday’s jobless claims and existing home sales figures, and Friday’s producer price report. The account also noted that 17 Federal Reserve speaker events are scheduled throughout the week.
“The post-election market remains highly volatile with substantial uncertainty,” The Kobeissi Letter wrote in a separate post.
The commentary account expects another volatile week as markets prepare for fresh economic figures and remarks from Federal Reserve officials.
Bitcoin price faces pressure after $1 billion in liquidations
Bitcoin started the week below the $75,000 level that traders had monitored during the previous sell-off. The cryptocurrency briefly recovered above $76,000 on Friday before renewed selling pushed prices lower over the weekend.
According to CoinGlass figures cited in Monday’s market reports, more than $1 billion in leveraged crypto positions were liquidated over 24 hours. Long positions accounted for approximately $913 million, with Ethereum liquidations reaching $448 million and Bitcoin accounting for $272 million.
Institutional fund flows have remained negative. US spot Bitcoin ETFs recorded approximately $1.28 billion in net outflows during the first trading week of November, including $430.2 million on Nov. 5.
The withdrawals followed a brief Bitcoin price recovery above $76,000, when selling across technology stocks and cryptocurrency markets had already erased gains recorded after the US midterm elections.
A previous Bitcoin price assessment identified $75,000 as an important trading level, with liquidation concentrations appearing on both sides of that price. Monday’s decline carried Bitcoin below that level ahead of the inflation release.
Crypto earnings calendar includes MARA, Gemini and Bitdeer
Several publicly traded cryptocurrency companies are scheduled to report quarterly earnings during the week, beginning with Bitcoin mining and digital asset businesses on Monday.
MARA Holdings, HIVE Digital Technologies, Exodus Movement, BitGo Holdings and Trump Media & Technology Group feature on the Nov. 9 calendar. Sharplink is scheduled to report before the market opens, while several other companies have after-market reporting slots.
On Tuesday, Bitcoin miner Bitdeer Technologies and trading platform eToro are scheduled to publish earnings before the opening bell. CoreWeave, an AI infrastructure company, is expected to report after markets close.
DeFi Development follows on Wednesday, while Figure Technology Solutions and Gemini Space Station have earnings scheduled for Thursday, Nov. 12.
The reports will provide updated financial results from businesses involved in Bitcoin mining, cryptocurrency trading, digital asset custody and blockchain-related financial services.
Crypto token unlocks and governance votes approach
Alongside economic releases and earnings, several cryptocurrency projects have scheduled token events and governance decisions.
Solayer plans to unlock 12.87% of its circulating LAYER supply on Nov. 10, valued at approximately $1.45 million. Pump.fun follows on Nov. 11 with a scheduled PUMP unlock representing 1.5% of circulating supply, worth approximately $27.13 million at the reported valuation.
Aave DAO’s governance proposal concerning native Bitcoin collateral through Babylon’s vaults has a voting deadline of Nov. 9.
Optimism and CoW DAO face voting deadlines on Nov. 11, covering security governance appointments and proposed budgets. Arbitrum DAO has votes scheduled for Nov. 12 and Nov. 13 involving treasury allocations, network transaction costs and a proposed USDG incentive program.
In Europe, the European Banking Authority will assume direct supervisory responsibilities for specified aspects of USDC on Nov. 12, including reserve assets, liquidity requirements and recovery and redemption plans. The French prudential regulator will retain responsibility for other supervisory areas, including governance and outsourcing.
