Bitcoin starts November near $78,600 after an October loss of more than 7%. U.S. midterm elections, October nonfarm payrolls, tech earnings and Fed commentary all land between November 2 and November 6.
Bitcoin recovered to nearly $78,600 during Monday's Asian trading session, after October left it down more than 7%. A busy week of elections, employment reports, technology earnings and Federal Reserve commentary now faces traders.
Midterm elections could shift expectations on regulation
Americans vote on Tuesday, November 3 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.
For crypto investors, the results could influence expectations about financial regulation, government spending and upcoming congressional negotiations. Lawmakers are also still debating digital asset legislation.
Jobs data could reshape December Fed expectations
The week's main labor-market event arrives Friday, November 6, when the Bureau of Labor Statistics releases October nonfarm payrolls. Economists expect approximately 62,000 new jobs after September's reported increase of 29,000, with unemployment projected to remain near 4.2%.
A stronger 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.
The Fed held rates steady at 3.75%–4% on October 28, with two policymakers favoring an immediate quarter-point hike.
Binance hack and ETF outflows keep pressure on Bitcoin
Bitcoin's recovery follows a difficult week after Binance disclosed a $6.3 billion security breach. BTC fell toward $76,000 before stabilizing around $77,000–$78,000 over the weekend.
Institutional demand stayed under pressure. U.S. spot Bitcoin ETFs recorded $643.2 million in outflows on October 30, leaving October with roughly $516 million in net redemptions despite positive monthly flows into BlackRock's IBIT fund.
Binance expects additional proof-of-reserves verification on November 3, following its October 31 asset snapshot.
Source: crypto.news
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