Bitcoin rose about 1 percent to roughly $78,600 on Monday morning in Asia, marking its third consecutive day of gains as investors picked up risk again after Friday’s rout in U.S. tech shares — a sign the market is starting to shake off what has been called crypto’s biggest hack.
Bitcoin (Credits: CoinDesk)
According to CoinDesk’s reporting, cryptocurrency prices stabilized after Binance disclosed a $6.3 billion hack last week, the largest theft from a cryptocurrency exchange on record. The breach knocked prices lower — Bitcoin dipped to about $77,600 late Sunday before buyers pushed it back above $78,500 within hours.
Bitcoin Price Recovery: What’s Driving It
The rebound tracked a broader market recovery. The Nasdaq 100 slumped 3.5% on Friday, its worst day since June, and the Philadelphia Semiconductor Index, which tracks U.S.-listed chipmakers, plunged 7%. On Monday, futures on the S&P 500 and Nasdaq 100 climbed at least 0.4%, and Asian stocks rebounded alongside them.
Among the majors, ZEC led the way, climbing 3% to nearly $1,280. Binance, for its part, has said it has replaced about 95% of the stolen assets and reopened withdrawals in a phased rollout across 15 networks, with other wallets still under security audit.
What Markets Are Watching Next
Jeff Mei, chief operating officer at crypto exchange BTSE, told CoinDesk that macro pressures will likely continue: “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.”
Investors are now watching technology stocks and this week’s U.S. midterm elections for the next market signals. Bitcoin remains well below its $126,080 all-time high, and analysts say clearing the $80,000 level will be the true test of whether this rebound has legs.
Also Read: Binance Reopens Bitcoin Withdrawals After $6.3B Hack, Says 95% of Stolen Crypto Replaced
Also Read: FBI Confirms North Korea’s TraderTraitor Behind $6 Billion Binance Hack, Urges DeFi Blocklist
Source: CoinDesk — read the full story there.
