Finance1 min read

Bitcoin holds steady near $78,000 as investors assess Binance security breach. Here is what experts say

By · Published by Everything Blog

In short

The market shock prompted significant derivatives liquidations and dragged major tokens lower before prices settled into tight ranges. U.S. spot Bitcoin and Ether exchange-traded funds recorded major single-day redemptions, breaking multi-day streaks of investor inflows. Despite the disruption, broader crypto market capitalization crept upward to $2.62 trillion as exchange operations normalized. Analysts warn that external economic catalysts, such as impending central bank interest rate decisions, could drive the next phase of volatility.

Key points

  • Market analysts view $77,500 as an immediate support level to monitor for Bitcoin's price…: Market analysts view $77,500 as an immediate support level to monitor for Bitcoin's price stability.
  • Institutional sentiment cooled as both Bitcoin and Ether exchange-traded funds experience…: Institutional sentiment cooled as both Bitcoin and Ether exchange-traded funds experienced substantial weekly net capital outflows.
  • Upcoming U.S. midterm elections, central bank rate decisions, and jobs data remain critic…: Upcoming U.S. midterm elections, central bank rate decisions, and jobs data remain critical drivers for future crypto market momentum.

Sources checked by our analysis pipeline: 1

In the past 24 hours, Bitcoin and Ethereum were up 0.06% and 1.03% respectively. Among the major altcoins, BNB, Solana, Hyperliquid, Dogecoin, Hyperliquid and Cardano corrected upto 1.34% whereas XRP and Tron were up 0.04% and 1.75% respectively.

CoinSwitch Markets Desk said broader macroeconomic uncertainty and cautious risk appetite continued to influence investor positioning and going forward, BTC's near-term trajectory will likely depend on institutional demand, broader market sentiment and developments in the global macroeconomic environment.

Prateek Gupta, Head of business, Mudrex said Bitcoin is trading around $77,700 after briefly falling to $76,400 on Friday, its lowest level since mid-September, as the $6.3 billion Binance hack triggered fresh uncertainty across crypto markets.

Gupta further said that the incident led to nearly $1.57 billion in futures liquidations, although Binance says 95% of affected assets have been covered. Institutional sentiment has also weakened, with US spot Bitcoin ETFs recording $643 million in outflows on Friday, ending a four-day inflow streak and taking weekly net outflows to around $202 million

The global crypto market capitalisation went up 0.02% to $2.62 trillion, according to…

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