Bitcoin resists Binance hack: can the crypto bull run resume?
Despite the record Binance hack, Bitcoin managed to stay above $76,000. As withdrawals continue on the platform and Bitcoin ETFs record significant capital outflows, some analysts see this resistance as an encouraging…
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Bitcoin resisted the shock caused by the record Binance hack. On Thursday, October 29, hackers stole approximately $6.3 billion from the platform, including 18,270 BTC. The next day, Bitcoin fell below $80,000, reaching $76,141, its lowest level since September 17.
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The fall, however, stopped in an area between $76,000 and $76,600. According to QCP Capital, a crypto trading company based in Singapore, this support has already allowed Bitcoin to rebound four times.
This Monday, the price of Bitcoin is moving around $78,000, after ending October down 7.3%. This is the second consecutive October in the red.
For its part, Binance began to gradually restore withdrawals on Sunday on 15 networks. According to Reuters, the platform saw $4.72 billion in net outflows, or about 2.8% of its assets.
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The exchange claims to have reconstituted 95% of the stolen assets using its own resources. His full proof of reserves, intended to demonstrate that he is holding his clients' funds, is expected on Tuesday.
However, the hackers kept the 18,270 stolen BTC, which they began to distribute between several wallets, which fueled fears of new sales.
Caution is also gaining from institutional investors. U.S. spot Bitcoin ETFs recorded $643.3 million in net outflows on Friday, bringing their October tally to approximately $516 million in withdrawals.
Despite this turbulence, some analysts see signs of resistance. This is particularly the case of Théo Zananiri, analyst at Crypto Stratège, the support service for investors in cryptocurrencies developed by Cryptoast.
Bitcoin has just suffered a violent shock and is still holding $76,000. There is a lot of talk about the decline, but the market's ability to resist deserves just as much attention.
According to him, the weekly trend remains bullish and each correction is not enough to call this scenario into question.
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- Cryptoast2 Nov, 16:00
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