Summary
- The cryptocurrency market this week will focus on the Binance hack, the US midterm elections and the release of jobs data.
- Binance said it resumed withdrawals three days after a $6.3 billion hack, as customers posted net outflows of $3.64 billion and the exchange covered about 95% of the stolen assets with its own reserves.
- This week's schedule includes US employment data, earnings reports from major crypto companies, and token unlocks for Ethena (ENA) and Hyperliquid (HYPE).
Forecast Trend Report by Period
The cryptocurrency market this week will be watching the fallout from the Binance hack, the US midterm elections and the release of key employment data.
CoinDesk reported on November 2 that Binance resumed withdrawals the previous day, three days after suffering a $6.3 billion hack. On the first day after withdrawals reopened, customers withdrew a net $3.64 billion from the exchange. Binance said it covered about 95% of the stolen assets with its own reserves.
Bitcoin was trading near $78,000 that day, indicating relatively stable price action. Alex Ritzkin, chief business officer at B2BINPAY, said exchange hacks remain a burden on the market, but growing institutional participation has strengthened its ability to absorb shocks compared with the past.
The US midterm elections are another key variable. If the outcome of the November 3 vote changes the makeup of Congress, it could also affect pending cryptocurrency-related legislation and the direction of industry regulation.
On the macroeconomic calendar, US employment data will be the main focus. The September Job Openings and Labor Turnover Survey, or JOLTS, is due on November 3, followed by October nonfarm payrolls and the unemployment rate on November 6. Nonfarm payrolls increased by 29,000 in September, while the unemployment rate was 4.2%.
Earnings reports from major crypto companies are also scheduled this week. Block is set to report on November 3. Riot Platforms, Circle Internet Group and Hut 8 are due on November 4, while Core Scientific will report on November 5.
In token unlocks, Ethena (ENA) is scheduled to release tokens worth about $17.86 million on November 5, equal to 0.88% of circulating supply. Hyperliquid (HYPE) will unlock tokens worth about $16.77 million on November 6, or 0.08% of circulating supply.
