As bitcoin (BTC $85,959), ether (ETH $2,810), XRP ($2.03), and other major tokens attempt to stabilize after recent weakness, investor attention is turning to a series of high-impact events and data releases, including Nvidia’s earnings, the Federal Reserve’s October meeting minutes, and the delayed September U.S. jobs report. These developments could set the tone for both equities and cryptocurrencies in the coming days.

Nvidia Earnings

Nasdaq-listed chipmaker Nvidia (NVDA) is set to report third-quarter earnings after market close on Wednesday. Analysts surveyed by Market Pulse anticipate Q3 revenue of $54.8 billion and non-GAAP EPS of $1.25. Nvidia is currently valued at roughly $4.42 trillion.

Investors will closely monitor guidance for the fourth quarter, deliveries of the new Blackwell GPU architecture, and exposure to China, seeking reassurance that the AI growth narrative remains intact. Unlike most corporate earnings, Nvidia’s report carries outsized significance for crypto markets due to the company’s pivotal role in AI and blockchain infrastructure.

Nvidia GPUs are widely used for AI training and blockchain computing, making the firm central to the AI-led bull run across stocks and cryptocurrencies since 2023. The company’s recent $30 billion compute deal with Microsoft, running on Nvidia’s latest Grace Blackwell and Vera Rubin systems, underscores its continued dominance in AI infrastructure.

Strong earnings could rejuvenate the AI sector, potentially reigniting bullish momentum across crypto markets. Nvidia shares were up nearly 50% for the year at the end of October, briefly valuing the company at $5 trillion—the first publicly traded firm to reach that milestone. The stock has since cooled, trading up 31% year-to-date at $181, as Nasdaq 100 volatility increased following late-October highs.

Meanwhile, BTC has fallen more than 25% from its October 8 peak above $126,000, weighed down by a combination of policy uncertainty, limited economic data, and the U.S. government shutdown.

FOMC Minutes

The Federal Reserve’s October meeting minutes are due at 19:00 GMT Wednesday. The central bank cut rates by 25 basis points to 3.75–4.00% during that session. Investors will watch for indications of how divided policymakers were over the need for further easing and the likelihood of another cut in December.

Market expectations for a 25-basis-point December cut have recently fallen to near-even odds. Polymarket and the CME FedWatch tool currently imply a slight edge for a hold versus a cut.

The October meeting occurred during the longest U.S. government shutdown on record, delaying key data releases and adding to policy uncertainty. With government operations now resumed, the upcoming December 9–10 FOMC meeting—including fresh Summary of Economic Projections and an updated interest rate “dot plot”—will be closely watched.

September Jobs Report

On Thursday, the delayed September nonfarm payrolls report will offer insight into labor market health. Economists expect a gain of roughly 50,000 jobs, improving slightly on August’s 22,000, while the unemployment rate is forecast to hold steady at 4.3%.

Though an improvement over August, the pace still lags the roughly 100,000 jobs per month recorded earlier this year. A weaker-than-expected report could reignite Fed rate cut bets, potentially boosting risk assets, including bitcoin.