Last week brought a surge of optimism, as rate-cut expectations strengthened, with CME futures pricing an 87% chance of a December rate cut. However, cryptocurrency markets experienced a downturn this week, driven by a significant leverage flush that wiped out $540 million in trading on Sunday. This decline affected Bitcoin, which plummeted nearly 5%, falling below the $91,500 mark before recovering somewhat, and Ether also suffered a substantial drop, losing more than 4.8% to trade near $2,860 by Monday morning. The broader crypto market has experienced significant losses throughout November, reminiscent of a similar period in 2018, prompting questions about future trends. This week’s economic data releases, including the ISM Manufacturing PMI on Monday, the September JOLTS Job Openings data on Tuesday, and the ADP Nonfarm Employment data on Wednesday, will offer insights into market direction. Overall, the impact of these reports on crypto markets remains to be seen.