Bitcoin climbs toward $79,000 as markets steady after record $6.3 billion Binance hack
Bitcoin steadies after the biggest exchange hack on record
Bitcoin rose about 1% to roughly $78,600 in Asian trading on Monday morning, its third straight day of gains. The move came as crypto markets calmed after Binance, a crypto exchange where people buy, sell and trade digital coins, disclosed a $6.3 billion hack last week. It was the largest theft from a crypto exchange on record.
The hack knocked prices lower last week. Bitcoin dipped to about $77,600 late Sunday before buyers pushed it back above $78,500 within hours. Asian investors also picked up risk again after Friday's rout in US tech shares.
Key numbers
- Bitcoin traded near $78,600 on Monday morning in Asia, up about 1% for a third consecutive daily gain.
- ZEC led the major coins, climbing 3% to nearly $1,280.
- Ether sat just above $2,300 and BNB near $713, each up close to 2%. XRP and TRX rose about 1%.
- SOL lagged, barely moving at about $95, according to CoinDesk data.
Stocks, oil and gold also moved
Crypto's steadier start follows a rough Friday for US tech shares. The Nasdaq 100 slumped 3.5%, its worst day since June, and the Philadelphia Semiconductor Index, which tracks US-listed chipmakers, plunged 7%. On Monday, futures on the S&P 500 and Nasdaq 100 climbed at least 0.4%.
Benchmarks rose in South Korea, Hong Kong and Japan. Chinese stocks also advanced after a report said regulators would meet banks and brokerages on Monday to discuss ways to support the market.
Brent crude fell 3% to about $110 a barrel after a report said President Donald Trump wants to give diplomacy with Iran more time before potentially resuming strikes after Tuesday's US midterm elections. Gold rose about 1% to roughly $3,910 an ounce, bouncing from its lowest close in more than a year on Friday.
What BTSE's operating chief told CoinDesk
Jeff Mei, chief operating officer at crypto exchange BTSE, said high interest rates are likely to keep pressure on crypto. "We believe that given last week's Fed commentary, macro pressures will continue to keep interest rates high, which will weigh on liquidity for Bitcoin and other cryptocurrencies over the next few months," he said in an email to CoinDesk.
Mei said he will watch whether tech stocks rebound or extend last week's decline. In his view, a small rebound may show the market has already hit bottom and could present a potential buying opportunity for Bitcoin, which trades below the $80,000 mark. That is his opinion, not a confirmed outcome.
Midterms and the CLARITY Act are in focus
US midterm elections take place on Tuesday. Polls close across the country on Tuesday night, so results will start landing during Wednesday's Asian trading hours.
One bill on watch is the CLARITY Act, which would set rules for how crypto markets are regulated in the US, including which agency oversees which tokens.
Mei said Democrats oppose the CLARITY Act. But he argued that a Democratic majority in Congress could force the Iran conflict to an earlier end, which in his view would lower oil prices and inflationary pressures and could lift stocks and crypto. This is his forecast and remains unconfirmed.
What is confirmed so far
- Bitcoin's rise to about $78,600 marked a third straight daily gain.
- Binance disclosed a $6.3 billion hack last week, the largest theft from a crypto exchange on record.
- The Nasdaq 100 fell 3.5% on Friday and the chip index dropped 7%, while US futures and Asian benchmarks rebounded on Monday.
- The price moves for ZEC, ether, BNB, XRP, TRX, SOL, Brent crude and gold are as cited above.
What remains uncertain
The reports on Trump's Iran plans and the Chinese regulator meeting are attributed to unnamed reports and were not officially confirmed in the source material. Mei's comments on interest rates, a possible market bottom and the election's market impact are his views, not established results.
What happens this week
The reported meeting between Chinese regulators, banks and brokerages is scheduled for Monday. US midterm polls close on Tuesday night, with results beginning to arrive during Wednesday's Asian session.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.