This week, there are several usa economic data points in the cryptos market worth looking forward to. These events may affect the sentiment of traders and investors, thereby influencing their trade strategy and possibly leading to volatility.

As traders have prepared for possible volatility, Bitcoin (BTC) remains above the psychological level of $90,000 at the time of writing.

Initial jobless claims

The US Department of Labor releases weekly data on unemployment benefit claims to track individual applications for unemployment benefits. This week's report is scheduled to be released on Thursday, November 21st, with the number of initial claims for unemployment benefits as of the week ending November 16th at 217,000. This number is lower than the expected 223,000 and also lower than the unrevised 221,000 from the previous week.

The latest unemployment benefit application data shows that despite recent storms and strikes causing disruption, the demand for workers remains stable. If this downward trend continues, it may indicate a easing of economic challenges, strengthening the labor market. This could stimulate consumer spending and confidence, potentially benefiting the financial markets.

A decrease in unemployment benefit claims indicates that more people are employed or able to find work. The result is an increase in disposable income and investments in assets like Bitcoin.

S&P Global USA Manufacturing Purchasing Managers' Index

The S&P Global USA Manufacturing Purchasing Managers' Index (PMI) for November will be released on Friday. This index is a key economic indicator measuring the performance and health of the US manufacturing sector. The previous value of the index was 48.5, with the market consensus expecting 48.8, making it one of the noteworthy US macroeconomic indicators this week.

A high PMI index usually indicates manufacturing expansion, hence strong economic growth and increased manufacturing activities. This may enhance investors' confidence in the overall economy. As investors seek high-yield investment opportunities such as Bitcoin, this positive sentiment may spread to the cryptocurrency market.

Similarly, PMI data can affect investors' market sentiment and risk preferences. Positive PMI data may bring a more optimistic investment environment, potentially benefiting risky assets such as cryptocurrencies.

S&P Global Services PMI

Another US economic data point is the Standard & Poor's Global Services Purchasing Managers' Index (PMI), which will be released on Friday. This index measures the performance of the US service sector and provides valuable insights into economic activities and business confidence in service industries such as hotels, finance, medical care, and technology.

Previously, the services PMI index was 54.1, and its changes may also impact Bitcoin and the broader cryptocurrency market. A rise in the services PMI index typically signals service sector growth, which is a key driver of economic activities. This may translate into positive sentiment in financial markets as investors seek alternative assets with growth potential, benefiting cryptocurrencies like Bitcoin.

Strong services PMI may also enhance optimism about the business environment, prompting investors to take on more risks, including investments in cryptocurrencies.

Nvidia Company Earnings

GPU leader Nvidia (NVDA) will announce its third-quarter earnings on Wednesday, November 20. The report often emphasizes the demand for GPUs in gaming, artificial intelligence, and crypto mining. Revenue is expected to surge by 84% to reach $33.28 billion, primarily driven by the demand for AI infrastructure. Net income per share is expected to climb from $0.37 to $0.70.

Strong sales of ai GPU may enhance investors' confidence in AI-driven industries, including cryptocurrencies focused on AI. Historically, Nvidia's performance has influenced the prices of AI-related tokens, and if this week's earnings indicate continued growth in AI and crypto applications, a bullish trend may emerge.

Before Nvidia's release of the third-quarter financial report, the sentiment around AI stocks may impact cryptocurrencies focusing on AI such as Render (RENDER), Worldcoin (WLD), Near Protocol (NEAR), and Bittensor (TAO). Additionally, DePin project Aethir (ATH), known for its GPU rendering capability and often referred to as the 'Nvidia of the crypto world,' could also be affected by the financial report.

It is worth noting that Nvidia's performance will be announced shortly after the US Supreme Court hints at a plan to make a narrow ruling on shareholders' lawsuits against the company. The lawsuit accuses Nvidia of misleading investors about its reliance on income from cryptocurrency mining, which could further intensify fluctuations in Nvidia's stock and the related cryptocurrency industry.