This week, a wide range of crypto news and developments are expected, from large-scale token unlocks to industry-related conferences, to notable launches in Hong Kong. As a result, volatility surrounding these events is anticipated, which may impact the portfolios of space traders and investors.
With Bitcoin (BTC) hovering around the $82,000 mark, investors should keep an eye on the upcoming events that may affect them.
Aptos (APT), Arbitrum (ARB) Token Unlocks
One of the key crypto news items this week is the Aptos and Arbitrum ecosystems, which are set to experience significant token unlocks of APT and ARB, respectively. According to a report by BeInCrypto, the Layer 1 blockchain Aptos is scheduled to unlock around 11.31 million APT tokens worth approximately $123.39 million on Monday. These tokens are allocated to community members, core contributors, and investors.
Similarly, the Layer 1 blockchain Arbitrum is set to unlock 92.65 million ARB tokens, worth around $59.63 million, allocated to the team, advisors, and investors. Token unlocks are generally considered bearish, as they can increase the circulating supply and weaken the market.
If the recipients, particularly community members and investors, attempt to realize early profits, the values of APT and ARB tokens may decline. The token unlock events for Aptos and Arbitrum are just a part of the total unlocks expected this week.
"With $746 million worth of token unlocks across APT, ARB, AVAX, and others over the next 7 days, new liquidity will find the next narrative or catch up," wrote a user on X.
Ethereum Devcon 7 in Bangkok, Thailand
The Ethereum conference Devcon, for developers, thinkers, and makers, is being held in Bangkok. The four-day conference will run from Tuesday, November 12th, to Friday. According to the website, both experienced Ethereum experts and newcomers are invited.
The event promises an "intensive introduction" for new Ethereum explorers, a "global family reunion" for those already part of the ecosystem, and a "source of energy, inspiration, and creativity" for all.
Hong Kong Crypto Index Launch
On November 15th, the Hong Kong Exchanges and Clearing (HKEX) is set to launch a crypto index. According to the company's CEO, Bonnie Y. Chan, this will help provide a transparent and reliable benchmark for Bitcoin and Ethereum prices in the Asian time zone.
"The index series to be launched on November 15, 2024, will provide investors with a transparent and reliable benchmark for Bitcoin and Ether prices in the Asian time zone. This aims to provide a single reference price for virtual assets that are often traded at different prices across global exchanges," an excerpt from the press release states.
This anticipated launch is part of HKEX's efforts to support fintech development in Hong Kong, providing investors with essential benchmarking tools and solutions in the continuously evolving market.
US CPI and PPI
The Consumer Price Index (CPI) and Producer Price Index (PPI) data round out the top crypto news items this week. As reported by BeInCrypto, these are among the key US economic data points that crypto market participants will be watching this week.
"Economic data releases this week - CPI, jobless claims, PPI, retail sales - could significantly shake up the crypto markets. These numbers will provide insights into inflation, consumer spending, and overall economic health," a user on X commented.
In fact, the combined impact of these macroeconomic data points may bring some volatility to the crypto markets this week. Specifically, low inflation, strong consumer spending, and a stable job market could revive the current uptrend.
Conversely, if the data shows signs of economic slowdown or persistent inflation, investors may apply the brakes. Such outcomes could lead to selling pressure in high-risk assets like Bitcoin.
