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Crypto Market This Week Watches Binance Hack Fallout, US Midterm Elections, Jobs Data
Summary
- The cryptocurrency market this week will be watching the Binance hack, the US midterm elections and the release of the jobs report.
- Binance resumed withdrawals after suffering a $6.3 billion hack. A net $3.64 billion in customer funds left the exchange, and it said it had covered about 95% of the stolen assets with its own reserves.
- US labor-market data due from November 3 to November 6, along with earnings from Block, Riot Platforms, Circle Internet Group, Hut 8 and Core Scientific, and token unlocks for Ethena (ENA) and Hyperliquid (HYPE), are scheduled this week.
Forecast Trend Report by Period
The cryptocurrency market this week will be watching the fallout from the Binance hack, the US midterm elections and upcoming labor-market data.
Binance resumed withdrawals on November 1, three days after suffering a $6.3 billion hack, CoinDesk reported on November 2. Customers pulled a net $3.64 billion from the exchange on the first day after withdrawals reopened. Binance said it covered about 95% of the stolen assets with its own reserves.
Bitcoin was trading near $78,000 on November 2, holding relatively steady. Alex Ryzhkin, chief business officer at B2BINPAY, said exchange hacks still weigh on the market, but growing institutional participation has improved its ability to absorb shocks compared with the past.
The US midterm elections are also a key variable. If the outcome of the November 3 vote changes the balance of power in Congress, it could affect pending crypto-related bills and the broader direction of industry regulation.
On the macro front, US labor data will be central. 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 rose by 29,000 in September, while the unemployment rate was 4.2%.
Earnings from major crypto companies are also on the calendar this week. Block is scheduled to report on November 3. Riot Platforms, Circle Internet Group and Hut 8 are due on November 4, while Core Scientific is set to report on November 5.
In token events, Ethena (ENA) is scheduled to unlock tokens worth about $17.86 million on November 5, equivalent to 0.88% of its circulating supply. Hyperliquid (HYPE) is set to unlock about $16.77 million of tokens on November 6, or 0.08% of circulating supply.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.