Crypto Week Ahead: Binance Fallout, U.S. Midterm Elections and Jobs Report in Focus

The cryptocurrency market faces another eventful week starting November 2, as traders monitor the consequences of Binance’s $6.3 billion security breach, the U.S. midterm elections and a fresh batch of economic data.

Binance brought withdrawal services back online Sunday, three days after the major hack. The exchange reported that customers withdrew a net $3.64 billion during the first day following the reopening. It also said approximately 95% of the stolen assets had been replenished through its own reserves.

Bitcoin showed limited reaction to the incident, trading around $78,000 on Monday. Alex Ryzhkin, chief commercial officer at B2BINPAY, told CoinDesk that exchange-related security breaches generally create negative sentiment across digital assets. However, deeper institutional participation has helped reduce the scale of market reactions to 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 suggested that Bitcoin could hold within the $76,000 to $80,000 range next week, provided Binance continues handling withdrawals smoothly. If conditions remain stable, the cryptocurrency could make another attempt at $82,000 before the weekend.

The U.S. political calendar will be dominated by Tuesday’s midterm elections, while Friday’s October employment report will provide another important indicator of economic conditions. Investors will also assess monetary policy decisions from the Reserve Bank of Australia and the Bank of England, both of which are expected to increase interest rates.

Events and developments to watch

<text color=”secondary” size=”xs”>All times are Eastern Time (ET)</text>

Cryptocurrency and regulatory calendar

• November 3 – U.S. midterm elections: The elections could change the balance of power in Congress, influencing the direction of pending cryptocurrency bills and the regulatory framework governing digital asset businesses.
• November 4 – FinCEN proposal: The deadline for public comments arrives on a proposal that would prevent covered U.S. financial institutions from transferring funds involving sub-agents of the Russia-linked A7 Network.
• November 4 – Kenya’s VASP transition period: Crypto businesses that were operating before Kenya’s Virtual Asset Service Providers Act came into effect will reach the end of their one-year compliance grace period.
• November 5 – Zcash NU7 upgrade: The network is scheduled to activate its NU7 upgrade at block height 3,543,405.

Macroeconomic releases

• November 2, 10:00 a.m.: U.S. October ISM Manufacturing PMI. Analysts expect 54.6, compared with 54.5 in the previous month.
• November 2, 11:30 p.m.: Reserve Bank of Australia interest-rate decision. The expected rate is 4.85%, compared with the previous 4.6%.
• November 3, 10:00 a.m.: U.S. September JOLTS job openings. The forecast stands at 7.13 million, up from the previous 7.079 million.
• November 4, 5:00 a.m.: Eurozone October consumer price inflation, preliminary year-over-year figure. Previous reading: 3.8%.
• November 4, 8:30 a.m.: U.S. September trade balance. Expected deficit: $108 billion, compared with $105.6 billion previously.
• November 4, 10:00 a.m.: U.S. October ISM Services PMI. Forecast: 54.8, versus the previous 54.9.
• November 5, 5:00 a.m.: Eurozone September producer price index. Previous monthly figure: 1.9%; previous annual figure: 8.2%.
• November 5, 7:00 a.m.: Bank of England interest-rate announcement. Markets expect a move to 4% 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 and unemployment figures. The previous payroll reading was 29,000, while the unemployment rate stood at 4.2%.
• November 6, 10:00 a.m.: University of Michigan preliminary consumer sentiment index for November. Previous reading: 48.0.

Earnings schedule

The following publicly traded companies connected to cryptocurrency, mining and blockchain infrastructure are expected to publish their earnings:

• November 2: Cipher Digital (CIFR) — premarket; estimated EPS of -$0.19.
• November 3: Block (XYZ) — after market close; estimated EPS of $0.96.
• November 4: Riot Platforms (RIOT) — premarket; estimated EPS of -$0.29.
• November 4: Circle Internet Group (CRCL) — premarket; estimated EPS of $0.38.
• November 4: Hut 8 (HUT) — premarket; estimated EPS of -$1.20.
• November 5: Core Scientific (CORZ) — premarket; estimated EPS of -$0.01.
• November 6: TeraWulf (WULF) — premarket; estimated EPS of -$0.32.

Governance decisions and protocol developments

Several decentralized autonomous organizations will put proposed changes to community votes, covering legacy products, treasury transfers, security arrangements and governance procedures.

• Cratos DAO: The proposal would extend the deadline for the current token reward standard until November 30, 2026. Voting concludes November 2.
• Stake DAO: Members are considering discontinuing 16 legacy products, preventing new deposits and introducing a six-month period for claiming outstanding Pendle airdrop rewards. Withdrawals would continue without a deadline. Voting closes November 2.
• ENS DAO: The community will decide whether to approve the Governor Nexus update and proceed with an external audit. The vote ends November 3.
• Compound: Members will vote on transferring 42,000 USDC and 90 WETH from reserves in discontinued Unichain markets back to Ethereum mainnet. The proposal runs from October 31 through November 3.
• Optimism: A governance proposal seeks to replace Security Council cohort elections with a nomination-based structure. The Security Council Lead would nominate candidates, who would automatically take their positions unless holders representing 20% of OP’s total supply veto the selections. Voting ends November 4.
• Arbitrum DAO: The proposal aims to restart Stylus smart contract activations while requiring new deployments to pass a limited security audit. Voting concludes November 5.

Token unlocks

Two scheduled token releases could add to the circulating supply during the week:

• November 5 – Ethena (ENA): An unlock equal to 0.88% of circulating supply, valued at approximately $17.86 million.
• November 6 – Hyperliquid (HYPE): An unlock representing 0.08% of circulating supply, worth approximately $16.77 million.

No new token launches are scheduled at present.

Upcoming conferences

The industry calendar features four major events across Hong Kong, Mumbai and Amsterdam:

• 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.