Crypto Week Ahead: Binance Hack Aftermath, U.S. Elections and Jobs Data in Focus
The week beginning November 2 brings several important developments for cryptocurrency markets, with the aftermath of Binance’s security breach, U.S. political events and major economic releases likely to influence investor sentiment.
Binance resumed withdrawals on Sunday, three days after the exchange was hit by a $6.3 billion hack. During the first day after services returned, customers withdrew a net $3.64 billion, the exchange reported. Binance also said it had replenished approximately 95% of the stolen assets using its own reserves.
Bitcoin showed relative strength despite the incident, trading close to $78,000 on Monday. Alex Ryzhkin, chief commercial officer at B2BINPAY, told CoinDesk that exchange hacks generally create selling pressure across the market, but the presence of larger institutional investors has helped limit the impact of such events.
“Exchange hacks always weigh on the market, but today sell-offs tend to be moderate, as deep institutional presence absorbs the shock,” Ryzhkin said.
He expects Bitcoin to remain within the $76,000–$80,000 range next week if Binance withdrawals continue operating normally. Under that scenario, BTC could recover toward $82,000 before the weekend.
Beyond the exchange incident, traders will be monitoring the U.S. midterm elections on Tuesday and the October employment report due Friday. Central bank decisions in Australia and the United Kingdom are also on the agenda, with markets anticipating rate increases from both institutions.
Key events to monitor
<text color=”secondary” size=”xs”>All times are Eastern Time (ET)</text>
Cryptocurrency developments
- November 3 – U.S. midterm elections: The election results could determine control of Congress and affect the outlook for cryptocurrency-related legislation, regulatory policy and industry supervision.
- November 4 – FinCEN proposal deadline: Comments are due on a proposed restriction that would prevent covered U.S. financial institutions from transmitting funds involving sub-agents of the Russia-linked A7 Network.
- November 4 – Kenya crypto licensing transition: The one-year grace period for cryptocurrency businesses operating before the Virtual Asset Service Providers Act took effect will expire.
- November 5 – Zcash network upgrade: Zcash’s NU7 upgrade is expected to go live at block height 3,543,405.
Economic calendar
- November 2, 10:00 a.m.: U.S. October ISM Manufacturing PMI, with a consensus estimate of 54.6 compared with 54.5 previously.
- November 2, 11:30 p.m.: Reserve Bank of Australia rate announcement. Economists expect an increase to 4.85% from 4.6%.
- November 3, 10:00 a.m.: U.S. September JOLTS job openings. Expected: 7.13 million, against 7.079 million previously.
- November 4, 5:00 a.m.: Eurozone October CPI preliminary year-over-year reading. Previous: 3.8%.
- November 4, 8:30 a.m.: U.S. September trade balance. Forecast: -$108 billion, compared with -$105.6 billion previously.
- November 4, 10:00 a.m.: U.S. October ISM Services PMI. Expected: 54.8, slightly below the previous 54.9.
- November 5, 5:00 a.m.: Eurozone September producer price data. Previous monthly change: 1.9%; previous annual change: 8.2%.
- November 5, 7:00 a.m.: Bank of England monetary policy decision. The expected rate is 4%, up from 3.75%.
- November 5, 8:30 a.m.: Preliminary U.S. third-quarter nonfarm productivity and unit labor costs. Previous readings were 1.4% and 1.2%, respectively.
- November 5, 8:30 a.m.: U.S. initial jobless claims for the week ending October 31. Forecast: 195,000, compared with 194,000 previously.
- November 6, 8:30 a.m.: U.S. October nonfarm payrolls report. The previous reading was 29,000, while unemployment stood at 4.2%.
- November 6, 10:00 a.m.: University of Michigan preliminary consumer sentiment index for November. Previous reading: 48.0.
Companies reporting earnings
The earnings calendar includes several major cryptocurrency miners, infrastructure companies and digital asset businesses.
- November 2: Cipher Digital (CIFR) reports before the market opens. Estimated EPS: -$0.19.
- November 3: Block (XYZ) reports after the market closes. Estimated EPS: $0.96.
- November 4: Riot Platforms (RIOT) reports before the market opens. Estimated EPS: -$0.29.
- November 4: Circle Internet Group (CRCL) reports before the market opens. Estimated EPS: $0.38.
- November 4: Hut 8 (HUT) reports before the market opens. Estimated EPS: -$1.20.
- November 5: Core Scientific (CORZ) reports before the market opens. Estimated EPS: -$0.01.
- November 6: TeraWulf (WULF) reports before the market opens. Estimated EPS: -$0.32.
Token governance and protocol updates
Several decentralized organizations have scheduled votes covering treasury management, product changes, security procedures and governance structures.
- Cratos DAO: A proposal would move the deadline for its existing token reward standard to November 30, 2026. The voting period ends November 2.
- Stake DAO: Members are considering shutting down 16 legacy products, blocking new deposits and introducing a six-month claim period for outstanding Pendle airdrop rewards. Existing withdrawals would remain available without a fixed end date. Voting closes November 2.
- ENS DAO: The community will decide whether to approve the Governor Nexus update and initiate an external audit. The vote ends November 3.
- Compound: A proposal seeks to recover 42,000 USDC and 90 WETH from reserves held in discontinued Unichain markets and transfer the assets back to Ethereum mainnet. Voting runs from October 31 to November 3.
- Optimism: The network is considering replacing its Security Council cohort election process with a nomination model. The Security Council Lead would select nominees, who would automatically join unless holders representing 20% of OP’s supply exercise a veto. Voting concludes November 4.
- Arbitrum DAO: Members are evaluating a proposal to restart Stylus smart contract deployments, subject to a limited security audit for new activations. The voting deadline is November 5.
Scheduled token unlocks
Two notable token releases are expected during the week:
- November 5 – Ethena (ENA): Approximately 0.88% of the circulating supply will be unlocked, representing an estimated $17.86 million.
- November 6 – Hyperliquid (HYPE): Around 0.08% of circulating tokens will enter the market, valued at approximately $16.77 million.
No new token launches are currently listed for the week.
Major crypto and fintech conferences
The upcoming schedule also features several industry gatherings across Asia and Europe:
- November 2–6: Hong Kong FinTech Week x StartmeupHK in Hong Kong.
- November 3–6: Devcon 8 in Mumbai.
- November 5–6: Bitcoin Amsterdam in Amsterdam.
- November 5–7: ETHGlobal Mumbai in Mumbai.
