Key Takeaways
- • Bitcoin traded near $78,600 in Monday's Asian session, its third straight daily gain, after dipping to roughly $77,600 late Sunday, according to CoinDesk data.
- • Binance's $6.3 billion security breach, the largest theft ever recorded at a crypto exchange, was linked by the FBI to North Korean actors; Binance has begun restoring withdrawals in stages, starting with Bitcoin.
- • The theft on October 29 cost Bitcoin 4.3% in a single session and triggered roughly $1.5 billion in liquidations, 79% of them long positions.
- • U.S. spot Bitcoin ETFs shed $643.3 million on October 30, their largest daily outflow of the month, trimming cumulative net inflows to about $57 billion from a $57.8 billion peak.
- • Traders are watching $79,000 as near-term resistance and $80,000 as the level needed for a sustained recovery, with $75,000 identified as key support ahead of U.S. midterm elections and the CLARITY Act's uncertain fate.
Summary
Bitcoin held above $78,500 early Monday in Asia, extending a three-session gain as risk appetite returned to global markets following the largest theft ever recorded at a cryptocurrency exchange. The token had slipped to roughly $77,600 in late Sunday trading before buyers pushed it back above $78,500 within hours, according to CoinDesk data. The rebound follows Binance's disclosure last week of a $6.3 billion security breach, which briefly rattled digital-asset prices and triggered a broader flight from risk. The FBI attributed the attack to North Korean actors and asked the decentralized-finance community to help block wallets tied to the affected BTC, ETH and SOL addresses. Binance, the world's largest exchange by trading volume, has begun restoring crypto withdrawals in stages, starting with Bitcoin.
Across the market, Zcash (ZEC) led large-cap gains with a 3% rise to almost $1,280, while Ether rose about 2% to just above $2,300 and BNB gained nearly 2% to around $713. XRP and TRX each rose about 1%, while Solana was flat near $95. Equities provided a supportive backdrop: S&P 500 and Nasdaq 100 futures were up at least 0.4% after the tech-heavy Nasdaq 100 fell 3.5% on Friday, its sharpest one-day drop since June, and the Philadelphia Semiconductor Index declined 7% in the same session. Brent crude fell 3% to about $110 a barrel after reports that President Donald Trump favors giving diplomacy with Iran more time, and gold gained about 1% to roughly $3,910 an ounce.
The hack capped a difficult October for Bitcoin, which closed the month near $77,558, down about 7.3% from its $83,554 open and its weakest October since 2014, according to market data. The October 29 theft set off roughly $1.5 billion in liquidations, with Bitcoin futures open interest having reached a five-week high of 686,000 BTC beforehand. Institutional flows reflected the shift in sentiment: U.S. spot Bitcoin ETFs recorded $643.3 million in outflows on October 30, ending four days of inflows.
Attention now turns to Washington. The CLARITY Act, which would assign oversight of specific crypto tokens to named U.S. agencies, remains under discussion. BTSE COO Jeff Mei said in an email that high rates tied to macro pressures would weigh on crypto liquidity over the coming months, and that a rebound in technology shares could signal a bottom. He also noted that Democrats oppose the CLARITY Act, but that a Democratic congressional majority could help end the Iran conflict sooner, lowering oil prices and lifting stocks and crypto. Polls close Tuesday night, with results expected during Wednesday's Asian trading hours.
Traders are treating $79,000 as the near-term test. A sustained recovery would likely require a move back above $80,000, where Bitcoin traded before the hack, while $75,000 has been identified as key support. Whether the three-day bounce develops into a durable uptrend remains an open question.
Across the market, Zcash (ZEC) led large-cap gains with a 3% rise to almost $1,280, while Ether rose about 2% to just above $2,300 and BNB gained nearly 2% to around $713. XRP and TRX each rose about 1%, while Solana was flat near $95. Equities provided a supportive backdrop: S&P 500 and Nasdaq 100 futures were up at least 0.4% after the tech-heavy Nasdaq 100 fell 3.5% on Friday, its sharpest one-day drop since June, and the Philadelphia Semiconductor Index declined 7% in the same session. Brent crude fell 3% to about $110 a barrel after reports that President Donald Trump favors giving diplomacy with Iran more time, and gold gained about 1% to roughly $3,910 an ounce.
The hack capped a difficult October for Bitcoin, which closed the month near $77,558, down about 7.3% from its $83,554 open and its weakest October since 2014, according to market data. The October 29 theft set off roughly $1.5 billion in liquidations, with Bitcoin futures open interest having reached a five-week high of 686,000 BTC beforehand. Institutional flows reflected the shift in sentiment: U.S. spot Bitcoin ETFs recorded $643.3 million in outflows on October 30, ending four days of inflows.
Attention now turns to Washington. The CLARITY Act, which would assign oversight of specific crypto tokens to named U.S. agencies, remains under discussion. BTSE COO Jeff Mei said in an email that high rates tied to macro pressures would weigh on crypto liquidity over the coming months, and that a rebound in technology shares could signal a bottom. He also noted that Democrats oppose the CLARITY Act, but that a Democratic congressional majority could help end the Iran conflict sooner, lowering oil prices and lifting stocks and crypto. Polls close Tuesday night, with results expected during Wednesday's Asian trading hours.
Traders are treating $79,000 as the near-term test. A sustained recovery would likely require a move back above $80,000, where Bitcoin traded before the hack, while $75,000 has been identified as key support. Whether the three-day bounce develops into a durable uptrend remains an open question.
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