Crypto This Week: 46 Events in Focus as the US Election Take Center Stage
Bitcoin started the week of November 2–8 at around $78,000. Ether traded near $2,280, while last week’s Binance hack continued to weigh on market risk appetite. Binance customers withdrew a net $3.64 billion after the exchange came back online. The company said it had replenished 95% of the $6.3 billion in stolen assets and was sourcing the remaining low-liquidity tokens from the market.The US midterm elections and Friday’s employment report lead the week’s macroeconomic agenda. Central banks in Australia, Sweden, Norway and the United Kingdom will also announce interest-rate decisions.US elections could shape the direction of crypto regulationThe US midterm elections will take place on Tuesday, November 3. Voters will decide all 435 seats in the House of Representatives and approximately one-third of the Senate.The new balance of power in Congress will directly affect the digital asset market. The Senate failed to secure the 60 votes required to advance the CLARITY Act in September.The crypto industry spent approximately $176 million across more than 100 races during the election cycle. Groups backed by Coinbase, Ripple and Andreessen Horowitz want the new Congress to reconsider the market structure bill.A change of majority in either chamber could reshape debates over SEC and CFTC authority, stablecoin interest payments and crypto companies’ access to banking services.US employment report will test Fed expectationsThe US Bureau of Labor Statistics will publish September’s JOLTS job openings data on Tuesday, November 3, at 6:00 p.m. Türkiye time. Markets expect approximately 7.1 million openings, following the previous reading of 7.08 million.The ADP private-sector employment report will arrive on Wednesday, November 4, at 4:15 p.m. Türkiye time. The market expects an increase of 75,000 jobs.The ISM services PMI will follow at 6:00 p.m. on the same day. Economists expect a reading of around 54.8, compared with 54.9 previously.The week’s main data release will be the US employment report on Friday, November 6, at 4:30 p.m. Türkiye time. The report will cover October employment, unemployment and wage changes.Markets expect nonfarm payrolls to increase by approximately 63,000–65,000. Employment rose by 29,000 in September, while the unemployment rate stood at 4.2%.Strong employment and wage results could support expectations that the Fed will maintain tight monetary policy for longer. A weak report could lower the dollar and Treasury yields, giving Bitcoin short-term room to recover.Four central banks will announce interest-rate decisionsThe Reserve Bank of Australia will announce its decision on Tuesday, November 3, at 6:30 a.m. Türkiye time. Its press conference will begin at 7:30 a.m.Markets expect the RBA to raise its policy rate by 25 basis points to 4.85%. The bank is assessing the risk that higher oil prices could become embedded in inflation expectations.Sweden’s Riksbank will publish its decision and monetary policy update on Wednesday, November 4, at 11:30 a.m. Türkiye time. Markets expect the bank to raise its rate from 1.75% to 2%.Norges Bank will announce its decision on Thursday, November 5, at noon Türkiye time. The bank could leave its current policy rate unchanged at 4.50%.The Bank of England’s decision will arrive at 3:00 p.m. on the same day. According to Reuters, economists expect the BoE to raise its rate from 3.75% to 4%.Governor Andrew Bailey’s press conference will begin at 3:30 p.m. New inflation projections and guidance for 2027 could influence sterling and global risk appetite.Euro-area inflation may have accelerated againEurostat will publish its flash inflation estimate for October on Wednesday, November 4, at 1:00 p.m. Türkiye time. Annual inflation stood at 3.8% in September.Market forecasts suggest the rate could rise to between 3.9% and 4%. Economists expect core inflation to remain near 2.5%.Higher energy costs are complicating the European Central Bank’s interest-rate outlook. A result above expectations could support the euro and place upward pressure on global bond yields.Strait of Hormuz risks keep oil prices elevatedBrent crude remained near $110 despite falling more than 3% on Monday. West Texas Intermediate traded at approximately $101.Iranian and Qatari officials are continuing talks aimed at ending the US-Iran conflict. The Strait of Hormuz could reopen within two days if the parties accept the proposal under discussion.A breakdown in talks could increase the geopolitical risk premium in oil prices. Energy costs could also affect Bitcoin and altcoins through central banks’ interest-rate decisions.Base will upgrade as Horizen L3 shuts downBase will activate its Denim mainnet upgrade on Thursday, November 5, at 9:00 p.m. Türkiye time. The network is expected to remain operational during the upgrade.Node operators must upgrade to base/base v1.5.1. Denim will reduce Base’s block time to 200 milliseconds.The change will make Horizen L3, which settles on Base, incompatible with the network. Horizen will therefore shut down its L3 permanently.Users must move their assets to Base by 4:00 p.m. Türkiye time on November 4. USDC.e balances are not covered by the automatic return process, making it important for users to bridge these tokens before the deadline.Initia started the week by bringing its L1 and rollups back online. The project deployed an audited MoveVM patch and restored the reserves backing AUSD0, USDC.n and WETH following last month’s exploit.Some calendars list Zcash NU7 as an event for this week. Zcash’s official page shows that the mainnet activation height has not been set, so NU7 has been excluded from this calendar.Coinbase will complete a token migrationCoinbase will conduct its AERO and VELO migration between November 2 and 4. Existing AERO balances will convert to the new AERO token at a one-to-one ratio.VELO balances will convert at approximately 0.044 AERO per token. Coinbase will temporarily disable AERO and VELO transfers during the migration.KuCoin will list five tokenized assets representing shares in Amazon, Coinbase, Intel, Meta and Nvidia on November 2. The first three pairs will open at 1:00 p.m. Türkiye time, followed by INTCX and NVDAX at 2:00 p.m.KuCoin and Bitget will conduct extensive delistingsKuCoin will remove 23 tokens from its spot market on November 5 at 11:00 a.m. Türkiye time. The list includes ANOME, ATA, BCUT, BULLA, CESS, COMMON, D, DOLO, ECHO, ES, EYWA, GAIA, ION, LADYS, NOON, PIGGY, SAROS, HIPPO, SUNDOG, SUP, U2U, VAYLA and XTER.The exchange plans to keep withdrawals open until December 7 at 11:00 a.m. Türkiye time. KuCoin says it may bring this deadline forward if the affected networks stop operating.Bitget will remove CHILLGUY, ZIG, BRETT, FOGO, WEMIX and AL spot pairs on Friday, November 6, at 1:00 p.m. Türkiye time. The decision covers spot trading through unified accounts.Bybit will end transfer support for several stablecoin networks at 11:00 a.m. on the same day. The exchange will stop USDC deposits and withdrawals through Sei and Hedera, along with USDT transfers through Berachain, Kava and Kaia.OKX will end withdrawal support for GODS, PRCL and DUCK on Saturday, November 7, at 11:00 a.m. Türkiye time. The exchange removed these tokens from its spot market in August, so this development does not represent a new delisting decision.ENS governance vote will concludeThe ENS community’s Governor Nexus Update vote will end on Tuesday, November 3, at 9:15 p.m. Türkiye time. The proposal aims to prepare a new governance contract based on OpenZeppelin v5.6.1 for an external audit.The Arbitrum community is also discussing a system that would allow new Stylus contracts to activate after passing a limited security audit. The current stage does not create binding onchain execution.Approval would not allow new contracts to activate on the same day. Arbitrum would first need to complete contract development, an independent audit and a final onchain vote.HYPE’s theoretical unlock value exceeds $866 millionBitway will unlock approximately 101.6 million BTW on November 2. Based on a preparation-time price of $1.01, the unlock is worth approximately $102.6 million.Momentum’s schedule shows 252.7 million MMT unlocking on November 4. The estimated $31.6 million value is based on a projected schedule and exceeds the amount of MMT currently in circulation.Hyperliquid’s theoretical schedule shows approximately 9.92 million HYPE for November 6. At the current price, this creates an upper limit of roughly $866.5 million.A significant difference exists between HYPE tokens becoming eligible and the amount holders actually claim. Tokenomist currently tracks approximately $15.8 million as committed, meaning the full theoretical amount may not enter the market.The schedule lists 888.89 million STABLE worth approximately $23.9 million. Tracking platforms place the release between late November 7 and November 8, creating some uncertainty over the exact time.Avalanche will release approximately 1.67 million AVAX allocated to the foundation on November 8. At the current price of $8.60, the unlock is worth around $14.4 million.Circle and Bitcoin miners will report earningsCipher Digital will publish its third-quarter results before the US market opens on Monday, November 2. Its conference call will begin at 4:00 p.m. Türkiye time.Circle will discuss its third-quarter results on Wednesday, November 4, at 4:00 p.m. Türkiye time. USDC circulation, reserve income and payments to distribution partners will be among the key figures to watch.Hut 8 will review its results at 4:30 p.m. on the same day. Investors will focus on Bitcoin production, the company’s energy portfolio and investments in AI data centers.Core Scientific will hold its earnings call on November 5 at 4:30 p.m. Türkiye time. TeraWulf will follow on November 6 at 4:00 p.m.Mining operations and high-density data center contracts will stand out in both companies’ results.Devcon will begin in MumbaiThe Ethereum Foundation will hold Devcon 8 in Mumbai from November 3 to 6. The program will focus on protocol engineering, privacy, governance and decentralized applications.ETHGlobal Mumbai will take place in the same city from November 5 to 7. The hackathon will give developers an opportunity to build new Ethereum applications during Devcon week.Bitcoin Amsterdam will take place at the SugarFactory on November 5–6. The program will bring together capital allocators, Bitcoin developers and European policymakers.Hong Kong FinTech Week will run from November 2 to 6. Cosmoverse’s Hong Kong Digital Asset Summit will also take place on November 5–6, focusing on institutional digital assets and tokenization.This week’s 46-event crypto calendarAll times are Türkiye time, UTC+3.November 2, 1:00 p.m.: AMZNX, COINX and METAX trading begins on KuCoin.November 2, 2:00 p.m.: INTCX and NVDAX trading begins on KuCoin.November 2, 4:00 p.m.: Cipher Digital’s third-quarter earnings call.November 2, 6:00 p.m.: US ISM manufacturing PMI; forecast 54.7, previous 54.5.November 2: Approximately $102.6 million in BTW unlocks.November 2–4: Coinbase’s AERO and VELO migration.November 2–6: Hong Kong FinTech Week.November 3, 6:30 a.m.: Reserve Bank of Australia interest-rate decision.November 3, 7:30 a.m.: RBA press conference.November 3, 11:00 a.m.: KuCoin closes deposits for 23 tokens.November 3, 6:00 p.m.: US JOLTS job openings for September.November 3: US midterm elections.November 3, 9:15 p.m.: ENS Governor Nexus Update vote concludes.November 3–6: Devcon 8 Mumbai.Around November 3: Binance’s estimated publication date for its complete zero-knowledge proof of reserves.November 4, 11:30 a.m.: Riksbank interest-rate decision.November 4, 1:00 p.m.: Riksbank press conference.November 4, 1:00 p.m.: Flash euro-area inflation for October.November 4, 4:00 p.m.: Circle’s third-quarter earnings call.November 4, 4:00 p.m.: Horizen L3 bridge closes.November 4, 4:15 p.m.: US ADP private-sector employment report.November 4, 4:30 p.m.: Hut 8’s third-quarter earnings call.November 4, 4:30 p.m.: US trade balance for September.November 4, 6:00 p.m.: US ISM services PMI.November 4: Estimated $31.6 million MMT unlock.November 5, 11:00 a.m.: KuCoin removes 23 tokens from its spot market.November 5, noon: Norges Bank interest-rate decision.November 5, 3:00 p.m.: Bank of England interest-rate decision.November 5, 3:30 p.m.: BoE Governor Andrew Bailey’s press conference.November 5, 4:30 p.m.: US weekly initial jobless claims.November 5, 4:30 p.m.: US third-quarter productivity and labor costs.November 5, 4:30 p.m.: Core Scientific’s third-quarter earnings call.November 5, 9:00 p.m.: Base Denim mainnet upgrade.After 9:00 p.m. on November 5: Horizen L3 stops processing transactions.November 5–6: Bitcoin Amsterdam.November 5–6: Hong Kong Digital Asset Summit.November 5–7: ETHGlobal Mumbai.November 6, 11:00 a.m.: Bybit ends support for selected USDC and USDT networks.November 6, 1:00 p.m.: Bitget removes six spot pairs.November 6, 4:00 p.m.: TeraWulf’s third-quarter earnings call.November 6, 4:30 p.m.: US nonfarm payrolls, unemployment and wage data.November 6, 6:00 p.m.: Preliminary University of Michigan consumer sentiment.November 6: Monthly eligibility date for HYPE allocated to core contributors.November 7, 11:00 a.m.: OKX ends withdrawals for GODS, PRCL and DUCK.Late November 7–November 8: Approximately $23.9 million STABLE supply event.November 8: Approximately $14.4 million AVAX unlock.The US election results, Friday’s employment report and central banks’ response to energy-driven inflation could determine the market’s direction. Binance withdrawal activity and its reserve replenishment process will remain the most important crypto-specific confidence indicators.
