Bitcoin and the broader cryptocurrency market have entered a busy trading week, with U.S. midterm elections, employment reports, major technology earnings and Federal Reserve commentary scheduled between November 2 and November 6.
Summary
- Bitcoin price has entered November near $78,600 after losing more than 7% during October.
- The November 3 U.S. midterm elections could change control of Congress and influence expectations for fiscal and regulatory policies.
- September JOLTS data and October nonfarm payrolls will provide fresh evidence about the U.S. labor market.
- Apple, Palantir, AMD and Super Micro Computer earnings will test investor appetite for technology stocks.
- Federal Reserve commentary and Bitcoin ETF flows remain in focus following the $6.3 billion Binance hack.
According to the New York Fed’s economic calendar, investors will receive several updates on U.S. economic activity before Friday’s closely watched October employment report. Meanwhile, Tuesday’s congressional elections could change the political balance in Washington.
Bitcoin recovered to nearly $78,600 during Monday’s Asian trading session, following a difficult October that left the cryptocurrency down more than 7%.
U.S. midterm elections headline the crypto week ahead
The first major political event arrives Tuesday, November 3, when Americans vote in elections that will determine control of Congress.
According to Reuters, Democrats are favored to gain control of the House of Representatives, while the Senate remains more competitive.
Republicans currently hold narrow majorities in both chambers. Democrats need a net gain of four seats in each to take control.
A Democratic victory could bring closer congressional scrutiny of President Donald Trump’s trade policies, including tariffs and exemptions granted to businesses.
However, Reuters noted that Democrats would still face the president’s veto power, limiting their ability to overturn existing trade measures.
For cryptocurrency investors, election results could influence expectations surrounding financial regulation, government spending and upcoming congressional negotiations.
The outcome may receive particular attention as lawmakers continue debating digital asset legislation and the federal government’s approach to cryptocurrency markets.
U.S. jobs data could reshape December Fed expectations
Economic releases begin Monday with the October ISM Manufacturing Purchasing Managers’ Index, scheduled for 10 a.m. Eastern Time.
Tuesday brings September’s Job Openings and Labor Turnover Survey, which measures vacancies, hiring and employee departures.
Private payroll provider ADP will publish its October employment report Wednesday at 8:15 a.m. Eastern, followed by the ISM Services PMI at 10 a.m.
The week’s main labor-market event arrives Friday, November 6, when the Bureau of Labor Statistics releases October nonfarm payrolls at 8:30 a.m. Eastern.
Economists expect approximately 62,000 new jobs following September’s reported increase of 29,000. The unemployment rate is projected to remain near 4.2%.
A stronger jobs report could reinforce expectations that the Federal Reserve will raise interest rates in December.
Higher borrowing costs can support Treasury yields and the U.S. dollar, potentially making risk-sensitive investments such as Bitcoin less attractive.
Conversely, weaker employment figures could reduce expectations of additional monetary tightening, depending on the accompanying wage and unemployment data.
The Fed held interest rates steady at 3.75%–4% on October 28, with two policymakers favoring an immediate quarter-point hike.
The central bank said inflation remained elevated and that further information would guide its next decision.
Apple and AMD earnings put technology stocks in focus
Corporate earnings will provide another source of market activity, particularly after heavy selling in U.S. technology stocks last week.
Apple and Palantir are scheduled to report after Monday’s closing bell. AMD and Super Micro Computer follow Tuesday evening.
Wednesday’s reporting calendar includes Qualcomm and AppLovin, while several other technology and semiconductor companies will release results later in the week.
Market commentary from the Kobeissi Letter identified the week’s earnings announcements and economic releases as major events for investors.
The Nasdaq 100 lost approximately 3.5% on Friday, while the Philadelphia Semiconductor Index dropped around 7%.
However, U.S. equity futures recovered early Monday, with S&P 500 and Nasdaq 100 futures advancing at least 0.4%.
Asian stock markets gained ground as investors returned to technology shares following Friday’s decline.
Bitcoin recovers as Binance hack and ETF selling remain concerns
Bitcoin’s latest recovery follows a difficult week for cryptocurrency investors after Binance disclosed a $6.3 billion security breach.
BTC fell toward $76,000 following the incident before stabilizing around $77,000–$78,000 over the weekend.
As crypto.news previously reported, Binance reopened Bitcoin withdrawals after replacing much of the affected customer assets.
Institutional demand remained under pressure, with U.S. spot Bitcoin ETFs recording $643.2 million in outflows on October 30.
Those withdrawals left October with roughly $516 million in net redemptions, despite positive monthly flows into BlackRock’s IBIT fund.
Meanwhile, earlier reporting on Binance’s recovery showed the exchange had allocated $6.34 billion toward restoring affected assets.
Binance expects additional proof-of-reserves verification to become available on November 3, following its October 31 asset snapshot.
Alongside Bitcoin’s recovery, Ether traded above $2,300 on Monday, while BNB approached $713 and XRP recorded modest gains. Solana remained near $95, according to crypto.news market data.
