Crypto markets experienced a significant downturn last week but have shown signs of a minor recovery over the weekend. The upcoming week could further bolster this rebound if the probability of interest rate cuts increases. Last week’s US jobs report indicated stronger-than-expected growth, which led to a decrease in the odds of a December rate cut, falling below 70% from a high of 90% just one month prior.
US AI and tech stocks mirrored the decline seen in crypto markets. Concurrently, the Trump administration's Department of Government Efficiency (DOGE) has reportedly been shut down and "no longer exists," according to officials.
"As the US government reopens, tons of backlogged economic data is being rolled out," stated The Kobeissi Letter.
Key Economic Events: November 24 to 28
The month of November concludes with a shortened trading week due to the Thanksgiving holiday on Thursday and Black Friday. Throughout this week, the US government will continue to process a backlog of economic data following the resolution of the government shutdown earlier this month.
A delayed September Producer Price Index (PPI) report is scheduled for release on Tuesday. This data serves as an indicator of input costs for producers and manufacturers, which directly influences the costs of consumer goods and retail prices. It is considered a leading inflation indicator that is closely monitored by investors and financial analysts.
Tuesday will also feature the release of September retail sales data, November's Consumer Confidence Index (CB) data, and October's pending home sales data.
Third-quarter Gross Domestic Product (GDP) data is expected on Wednesday, along with September’s Personal Consumption Expenditures (PCE) report. This data reflects the average monthly spending by consumers and is utilized by Federal Reserve policymakers as a primary measure of inflation.
Key Events This Week:
1. September PPI Inflation data – Tuesday
2. September Retail Sales data – Tuesday
3. November CB Consumer Confidence data – Tuesday
4. October Pending Home Sales data – Tuesday
5. US Q3 2025 GDP data – Wednesday
6. September Durable Goods Orders data…
— The Kobeissi Letter (@KobeissiLetter) November 23, 2025
The Federal Reserve's "Beige Book," which provides a summary of current economic conditions across the US, is also due on Wednesday, as reported by The Wall Street Journal.
Crypto Market Outlook
Crypto markets have increasingly become a "proxy for speculation," and last week's sell-off should not be analyzed in isolation, according to Steve Sosnick, chief strategist at Interactive Brokers.
The total crypto market capitalization had reclaimed the significant $3 trillion level during early trading in Asia on Monday morning. However, the markets remain down 32% from their peak in October.
Bitcoin briefly touched $88,000, indicating a steady weekend recovery from its sharp decline to $82,000 on Friday. Despite this recovery, the asset is still down 30% from its all-time high. The majority of these losses have occurred within the last two weeks.
Ethereum's recovery has been less robust, with the asset failing to make any substantial progress above $2,850. Altcoins, in general, have remained largely under pressure.