Bitcoin (BTC $85,959), ether (ETH $2,810), XRP ($2.03), and other major tokens are attempting to stabilize after recent weakness, with markets now focused on a series of high-impact events that could set the tone for both equities and cryptocurrencies. Key catalysts include Nvidia’s earnings report, the Federal Reserve’s October meeting minutes, and the delayed September U.S. jobs report.
Nvidia Earnings
Nasdaq-listed chipmaker Nvidia (NVDA) is scheduled to report third-quarter results after market close on Wednesday. Analysts surveyed by Market Pulse forecast Q3 revenue of $54.8 billion and non-GAAP EPS of $1.25. The company is currently valued around $4.42 trillion.
Investors will watch closely for guidance on fourth-quarter performance, deliveries of the new Blackwell GPU architecture, and exposure to China. Nvidia’s role in AI and blockchain computing gives its earnings unusual significance for crypto markets. Its GPUs are widely used in AI training and blockchain applications, fueling the AI-driven bull run in both equities and digital assets.
The company’s $30 billion compute partnership with Microsoft, running on Nvidia’s Grace Blackwell and Vera Rubin systems, underscores its leadership in AI infrastructure. Strong results could reinvigorate the AI sector, potentially boosting crypto sentiment.
Shares of Nvidia have cooled from a late-October peak when the stock briefly valued the company at $5 trillion. NVDA is now up roughly 31% year-to-date at $181 per share, while the Nasdaq 100 has dropped over 6% from its all-time high. Bitcoin has fallen more than 25% from its October 8 peak above $126,000, pressured by policy uncertainty, limited economic data, and the U.S. government shutdown.
FOMC Minutes
The Federal Reserve’s October meeting minutes are set for release at 19:00 GMT Wednesday. At that session, the Fed cut rates by 25 basis points to 3.75–4.00%. Markets will look for clues on the division among policymakers regarding further easing and the likelihood of another cut in December.
Expectations for a December 25-basis-point cut have fallen to near-even odds, with tools like CME FedWatch showing a slight edge for holding rates steady. The October meeting occurred during the longest U.S. government shutdown on record, which delayed key economic releases. With government operations now resumed, the upcoming December FOMC meeting—including an updated dot plot and new Summary of Economic Projections—will be closely watched.
September Jobs Report
The delayed September nonfarm payrolls report will arrive Thursday, providing insights into the labor market. Economists forecast an increase of roughly 50,000 jobs, an improvement over August’s 22,000, while the unemployment rate is expected to hold at 4.3%.
Although an improvement, this pace remains below the roughly 100,000 monthly jobs added earlier in the year. A weaker-than-expected report could revive Fed rate cut expectations, supporting a potential rebound in risk assets, including bitcoin.
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