Crypto Week Ahead: Binance Hack, U.S. Midterms and Employment Figures Take Center Stage
Cryptocurrency markets are entering a busy week beginning November 2, with investors assessing the impact of Binance’s recent security breach alongside political developments in the United States and a series of important economic reports.
Binance restored withdrawal functionality on Sunday, three days after a $6.3 billion hack disrupted the exchange. Customers withdrew a net $3.64 billion during the first day of resumed operations, according to the company. Binance also reported that it had replaced roughly 95% of the compromised assets using funds from its own reserves.
Bitcoin remained relatively steady despite the exchange turmoil, trading near $78,000 on Monday. Alex Ryzhkin, chief commercial officer at B2BINPAY, told CoinDesk that security incidents involving exchanges typically pressure cryptocurrency prices. However, growing institutional involvement has helped markets absorb these shocks with less severe selling.
“Exchange hacks always weigh on the market, but today sell-offs tend to be moderate, as deep institutional presence absorbs the shock,” Ryzhkin said.
According to Ryzhkin, Bitcoin could trade within a $76,000–$80,000 range next week if Binance continues processing withdrawals without further problems. A move toward $82,000 by the weekend could follow if market conditions improve.
The U.S. midterm elections on November 3 and the October jobs report scheduled for November 6 are among the week’s most closely watched events. Monetary policy announcements from Australia’s central bank and the Bank of England will also draw attention, as both are expected to raise interest rates.
Weekly calendar: Important events and dates
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Crypto industry events
- November 3 – U.S. midterm elections: The results will determine the balance of power in Congress and could influence the progress of proposed crypto legislation and future regulatory oversight.
- November 4 – FinCEN consultation deadline: The deadline arrives for submitting feedback on a proposal to restrict covered U.S. financial institutions from facilitating transfers involving sub-agents of the Russia-linked A7 Network.
- November 4 – Kenya’s crypto compliance deadline: Cryptocurrency companies that were active before the country’s Virtual Asset Service Providers Act took effect will reach the end of their one-year transition period.
- November 5 – Zcash NU7 activation: The network upgrade is expected to become active at block 3,543,405.
Global economic data and central bank decisions
- November 2, 10:00 a.m.: October U.S. ISM Manufacturing PMI. Market expectations stand at 54.6, compared with the previous 54.5 reading.
- November 2, 11:30 p.m.: Reserve Bank of Australia interest-rate announcement. The expected rate is 4.85%, up from 4.6%.
- November 3, 10:00 a.m.: September U.S. JOLTS job openings. Forecast: 7.13 million, versus 7.079 million previously.
- November 4, 5:00 a.m.: Preliminary October Eurozone CPI, year over year. Previous reading: 3.8%.
- November 4, 8:30 a.m.: September U.S. trade balance. Expected deficit: $108 billion, compared with $105.6 billion previously.
- November 4, 10:00 a.m.: October U.S. ISM Services PMI. Forecast: 54.8, against 54.9 in the previous report.
- November 5, 5:00 a.m.: September Eurozone producer price index. Previous monthly increase: 1.9%; annual increase: 8.2%.
- November 5, 7:00 a.m.: Bank of England rate decision. Economists expect the benchmark rate to rise to 4% from 3.75%.
- November 5, 8:30 a.m.: Preliminary third-quarter U.S. nonfarm productivity and unit labor costs. Previous readings were 1.4% and 1.2%, respectively.
- November 5, 8:30 a.m.: Initial U.S. jobless claims for the week ending October 31. Forecast: 195,000, compared with 194,000 previously.
- November 6, 8:30 a.m.: October U.S. nonfarm payrolls and unemployment rate. The previous payroll increase was 29,000, while unemployment stood at 4.2%.
- November 6, 10:00 a.m.: Preliminary November University of Michigan consumer sentiment. Previous reading: 48.0.
Earnings reports to watch
Several companies with exposure to digital assets, Bitcoin mining and blockchain infrastructure will release quarterly results.
- November 2: Cipher Digital (CIFR) — before market open; estimated earnings per share: -$0.19.
- November 3: Block (XYZ) — after market close; estimated EPS: $0.96.
- November 4: Riot Platforms (RIOT) — before market open; estimated EPS: -$0.29.
- November 4: Circle Internet Group (CRCL) — before market open; estimated EPS: $0.38.
- November 4: Hut 8 (HUT) — before market open; estimated EPS: -$1.20.
- November 5: Core Scientific (CORZ) — before market open; estimated EPS: -$0.01.
- November 6: TeraWulf (WULF) — before market open; estimated EPS: -$0.32.
DAO governance votes and protocol proposals
A number of decentralized organizations will hold votes this week on changes to their products, governance systems and security requirements.
- Cratos DAO: A proposal aims to extend the deadline for its existing token reward standard through November 30, 2026. Voting closes November 2.
- Stake DAO: The community is considering retiring 16 older products, stopping additional deposits and setting a six-month window for claiming legacy Pendle airdrop rewards. Withdrawals would remain available indefinitely. Voting ends November 2.
- ENS DAO: Members will vote on the Governor Nexus update and whether to initiate an external audit. The voting period closes November 3.
- Compound: The proposal seeks to remove 42,000 USDC and 90 WETH from reserves in its deprecated Unichain markets and bridge the funds back to Ethereum mainnet. Voting takes place from October 31 through November 3.
- Optimism: A proposed governance change would replace Security Council cohort elections with a nomination process. The Security Council Lead would nominate members, who would be seated automatically unless holders controlling 20% of OP’s supply veto the appointments. Voting concludes November 4.
- Arbitrum DAO: Members are considering allowing Stylus smart contract activations to resume, provided new deployments undergo a limited security audit. Voting ends November 5.
Upcoming token supply releases
- November 5 – Ethena (ENA): The project is scheduled to unlock tokens representing 0.88% of circulating supply, with an estimated value of $17.86 million.
- November 6 – Hyperliquid (HYPE): Approximately 0.08% of circulating supply will be released, worth an estimated $16.77 million.
There are currently no token launches scheduled for the week.
Conferences and industry gatherings
The week’s conference schedule includes major events focused on financial technology, blockchain development and cryptocurrency adoption.
- November 2–6: Hong Kong FinTech Week x StartmeupHK — Hong Kong.
- November 3–6: Devcon 8 — Mumbai.
- November 5–6: Bitcoin Amsterdam — Amsterdam.
- November 5–7: ETHGlobal Mumbai — Mumbai.
