Key Insights
- The crypto market’s Friday watchlist includes ECI, Chicago PMI, earnings calls, and US Fed updates.
- Bitcoin, Ethereum, BNB, XRP, and Solana recorded losses over the past seven days.
- The Kobeissi Letter reported Binance-related transfers as high as $6.3 billion; more than $3 billion has been frozen.
The crypto market opened Friday, October 30, with losses, Binance hack news, earnings calls, and economic data.
The day’s watchlist paired wage data and Chicago PMI with energy and healthcare results. It also included central-bank updates and Federal Reserve remarks. Recall, Google’s earnings went short of estimates a day ago.
Crypto Market Recap Shows Mixed Token Moves
Looking at the crypto market, Bitcoin traded at $77,401.56, down 3.6% daily and 5.2% weekly. Ethereum fell 3.9% daily and 6.7% weekly to $2,230.39. BNB and XRP also lost value over both periods.
The rest of the crypto market also saw altcoins struggle. Solana fell 7.2% weekly to $96.66, the steepest decline among those major assets. Seven-day charts showed sharper drops near the right edge for Bitcoin, Ethereum, BNB, XRP, and Solana.
Amid the crypto market crash, Bitcoin held the largest market capitalization, at about $1.56 trillion, with roughly $105.8 billion in 24-hour volume.
Meanwhile, TRON gained 2.8% daily and 3% weekly. Hyperliquid rose 7.6% daily and 18.6% weekly to $91.78, leading the top 10 shown. However, its one-hour change was down 0.5%.
ECI, Chicago PMI, and Earnings Call Shape Friday’s Agenda
Notably, according to Walter Bloomberg, the Bank of Japan held its rate at 1.25% overnight in an 8–1 vote and signaled possible further hikes.
Before the U.S. open, the earnings call roster listed Exxon and Chevron. It also listed AbbVie, Regeneron, General Dynamics, and Colgate-Palmolive.
Dominion Energy appeared at $1.00. Cameco appeared at $76.37, and Insmed at $111.55. Canadian National, LyondellBasell, and AutoNation also appeared on the list.
At 8:30 a.m., the third-quarter ECI forecast stands at 0.8% quarter-over-quarter, compared with 0.9% previously. Wage growth and labor-cost inflation are in focus. Richmond Fed President Thomas Barkin has a radio appearance at 9:30 a.m.
Chicago PMI follows at 9:45 a.m. The October reading is forecast at 56.1, versus 58.8 previously, and the schedule expects it to remain above 50. Manufacturing demand, new orders, employment, and prices are among the listed areas to watch.
At 10 a.m., the New York Fed releases its Multivariate Core Trend Inflation measure. San Francisco Fed President Mary Daly speaks at noon, followed by St. Louis Fed President Alberto Musalem at 12:30 p.m. New York Fed staff update the nowcast at 12:45 p.m.
A Closer Look
Baker Hughes reports its rig count at 1 p.m.; previous figures showed 460 oil rigs and 603 total rigs. CFTC speculative positioning data follows at 3:30 p.m. No major U.S. earnings calls are scheduled after the close. All-day watchpoints include post-Fed reaction, Big Tech earnings fallout, Treasury yields, oil prices and geopolitical headlines.
Energy reports focus on oil prices, production, refining and cash flow. Healthcare reports cover drug sales, pipelines and guidance, while Cameco’s results relate to uranium demand and nuclear investment.
Meanwhile, Amazon ($224.91), Microsoft ($528.12), Alphabet ($280.59) and Intel ($68.99) remain on the Big Tech watchlist. The listed focus includes cloud growth, AI spending, profitability, semiconductors, and data-center infrastructure.
Rate Expectations and Binance Updates Keep Crypto Market in Focus
Rate expectations form the main macroeconomic channel for the crypto market. An ECI above 0.8%, or Chicago PMI above 56.1 with firm price or employment readings, could reinforce expectations for higher rates.
Rising Treasury yields and a firmer dollar often weigh on Bitcoin and altcoins by reducing risk appetite. Softer readings could ease that pressure.
Meanwhile, the BOJ’s signal of possible further hikes could strengthen the yen and prompt carry-trade unwinds, adding volatility across risk assets.
Fed remarks, oil prices, and Big Tech’s earnings reaction could also shift rate expectations and broader risk appetite. These events could increase crypto market volatility without setting a clear trend.
Crypto Market Reacted After Binance Hack
Separately, crypto market crash news reported initially valued the Binance-related transactions at about $2.5 billion. The Kobeissi Letter later reported a figure as high as $6.3 billion.
It described a relayer using malicious EIP-7702 code to transfer assets from Binance wallets. More than $3 billion in assets have been frozen.
Binance has begun recovering affected assets for users. The company continues working with law enforcement, issuers, blockchain intelligence firms, and industry partners to trace, freeze, and recover additional funds. It previously committed to cover losses with company funds.
