The crypto market faced selling pressure again during the week of November 9th, with Bitcoin prices falling below $74,000. Investors are preparing for U.S. inflation data, corporate earnings reports, and a number of regular crypto-related events.
- After more than $1 billion in cryptocurrency liquidations during weekend trading, the price of Bitcoin fell below $75,000 at the start of this week.
- U.S. inflation data for October will be released on Tuesday, while producer price data will be published on Friday, November 13th.
- MARA, Bitdeer, Gemini and other cryptocurrency companies will successively release their financial reports in the coming week.
- Solayer and Pump.fun will face the token unlocking planned, and several decentralized organizations will also conduct governance votes.
- The European Banking Authority will begin direct supervision of the specified USDC reserve and liquidity requirements on Thursday.
According to crypto.news market reports, Bitcoin traded around $74,500 on Monday and briefly fell to $73,700 during the selling pressure on Sunday. Prior to this, there was a large-scale outflow of funds from US spot Bitcoin exchange-traded funds (ETFs), and the crypto market experienced another round of liquidations exceeding $1 billion.
Ethereum once fell below $2,100 before regaining some of its losses; XRP fell below $1.10. In the past 24 hours, the total market value of cryptocurrencies has declined by over $80 billion to around $2.47 trillion, causing major digital assets to generally decline ahead of the economic data release on Tuesday.
U.S. inflation data becomes the focus of this week
The U.S. Bureau of Labor Statistics will release the October Consumer Price Index ( CPI ) report at 8:30 a.m. Eastern Time on Tuesday. Economists surveyed by FactSet expect consumer prices to rise 0.2% month-on-month, lower than the 0.6% increase in September.
The September inflation report showed that consumer prices rose by 3.7% year-on-year, the highest level since May. Gasoline prices contributed more than half of the increase for that month, while core inflation, excluding food and energy, rose by 0.3% for the same period.
The Federal Reserve takes inflation data, as well as employment and other economic indicators, into consideration when setting interest rates. The report on Tuesday will provide policymakers with the latest information on consumer prices before their meeting in December.
If inflation readings are higher than expected, it may reinforce the expectation that interest rates will remain high or continue to rise. Higher borrowing costs will affect the demand for risky assets, including cryptocurrencies, but Bitcoin's reaction will depend on the data itself as well as market positions.
At 8:30 a.m. on Friday, November 13th, Eastern Time, the Bureau of Labor Statistics will release the Producer Price Index for October ( PPI ). In September, producer prices rose by 1.3% month-on-month and by 6.3% year-on-year, marking the largest annual increase in over three years.
In a post on November 8th, The Kobeissi Letter listed six major events of the week, including U.S. inflation data, OPEC's report on Wednesday, initial jobless claims and existing home sales data on Thursday, as well as the producer price report on Friday. The account also noted that there were 17 speaking events by Federal Reserve officials scheduled for this week.
"The market remains highly volatile after the election, and there is considerable uncertainty," The Kobeissi Letter wrote in another post.
This comment account predicts that another round of volatility is expected this week, as the market awaits new economic data and statements from Federal Reserve officials.
After liquidations exceeding $1 billion, Bitcoin price under pressure
Bitcoin opened the week below the $75,000 level that traders had been closely watching during the previous round of selling. The cryptocurrency briefly rebounded above $76,000 on Friday, but faced another round of selling over the weekend, causing prices to fall again.
According to data cited by CoinGlass in Monday's market reports, over $1 billion in leveraged crypto positions were liquidated within the past 24 hours. Of this, long positions accounted for approximately $913 million, with Ethereum liquidations reaching $448 million and Bitcoin accounting for $272 million.
Institutional capital flows remain negative. The US spot Bitcoin ETF experienced a net outflow of approximately $1.28 billion during the first trading week of November, with a single-day outflow of $430.2 million on November 5th.
These withdrawals occurred after the price of Bitcoin briefly rebounded above $76,000; at that time, sell-offs in tech stocks and the crypto market had erased the gains recorded after the mid-term elections in the United States.
A previous Bitcoin price assessment considered $75,000 to be an important trading level, and there was concentrated liquidation on both sides of this price point. Monday's decline caused Bitcoin to fall below this level before the release of inflation data.
The encrypted financial report schedule includes MARA, Gemini, and Bitdeer.
Several listed cryptocurrency companies will release their quarterly financial reports this week, with Bitcoin mining and digital asset business companies taking the lead on Monday.
MARA Holdings, HIVE Digital Technologies, Exodus Movement, BitGo Holdings, Trump Media and Technology Group are all scheduled for November 9th. Sharplink plans to announce its financial results before the market opens, while several other companies have scheduled their releases after the market closes.
On Tuesday, Bitcoin mining company Bitdeer Technologies and trading platform eToro plan to release their financial reports before the market opens. AI Infrastructure company CoreWeave is expected to announce its results after the market closes.
DeFi Development will be followed up on Wednesday, while Figure Technology Solutions and Gemini Space Station have their financial reports scheduled to be released on Thursday, November 12th.
These reports will provide the latest financial results from Bitcoin mining, cryptocurrency trading, digital asset custody, and blockchain-related financial services companies.
Encrypted token unlocking and governance voting are approaching.
In addition to economic data and financial reports, multiple crypto projects have also scheduled token events and governance decisions.
Solayer plans to unlock 12.87% of its circulating LAYER supply on November 10, valued at approximately $1.45 million. Pump.fun will then undergo the planned PUMP unlocking on November 11, accounting for 1.5% of the circulating supply, with a reported valuation of around $27.13 million.
Aave DAO Regarding the governance proposal to introduce native Bitcoin collateral through the treasury of Babylon, the voting deadline is November 9th.
The voting deadline for Optimism and CoW DAO is November 11th, with the content relating to security governance appointments and proposed budgets, respectively. The voting for Arbitrum DAO is scheduled for November 12th and November 13th, covering treasury configuration, network transaction costs, and a proposed USDG incentive plan.
In Europe, the European Banking Authority will begin to assume direct regulatory responsibility for specific aspects of USDC on November 12, including reserve assets, liquidity requirements, as well as recovery and redemption plans. The French prudential regulatory authorities will continue to be responsible for other areas of regulation, including governance and outsourcing.












