Bitcoin closes higher for the third day in a row and approaches $79,000. On Monday morning, the coin gained about 1%, to ~$78,600. A week ago, Binance disclosed a $6.3 billion theft - the largest in the history of crypto exchanges.
What this means. The market did not continue falling on the news of the hack. Binance is the largest crypto exchange in the world, and the bulk of trading volume in coins goes through it.
Why this matters to a trader. Crypto's movement right now is being set not by its own news, but by US stocks, oil and gold.
Where did the price go?
Movement figures. Overnight into Monday, BTC dropped to $77,600, but buyers pushed the price back above $78,500.
- No decline since last Friday - the market did not continue to collapse on the news of the hack
- ZEC: +3%, almost $1,280 - the leader among altcoins
- ETH - up almost 2%, moved above $2,300
- BNB - also about 2%, to $713
- XRP and TRX - roughly 1% each, SOL barely moved, around $95
- CD20 Index - up 0.44%
CD20 is a composite index of the 20 largest coins from CoinDesk.
Why did the rebound happen?
The reason is not in crypto. The growth came from external markets after a tough Friday.
- US stocks. On Friday, the Nasdaq 100 fell 3.5% - the worst day since June. The Philadelphia Semiconductor Index lost 7%.
- Reversal on Monday. S&P 500 and Nasdaq 100 futures recovered at least 0.4%. Japan, Hong Kong and South Korea rose.
- Oil. Brent fell 3%, to ~$110 per barrel. Trump wants to give diplomacy with Iran more time.
- Gold. Gained about 1%, to $3,910 per ounce, rebounding from its worst close in more than a year.
What about the hack?
The FBI confirmed North Korea's involvement. The Bureau asked the community to block addresses in BTC, ETH and SOL.
- Withdrawals are being opened in stages - Binance started with Bitcoin
What's next?
The main date is the US midterm elections on November 3. Polls close overnight into Wednesday. Results will start coming in during the Asian session - it's convenient to track the timing in the economic calendar.
A view from the market. Jeff May, COO of the BTSE exchange, expects macro pressure to keep rates high and weigh on crypto liquidity.
Jeff May: a small rebound "may indicate that the bottom has already been passed."
Did you sit in this rebound or watch from the sidelines?
The most frustrating thing about weeks like this is that you understood everything correctly, bought back at $77,600, and on the account it came out to plus a hundred and fifty. The movement is the same, the only difference is the nominal size of the position. prop trading works like this: the company issues the trading account, you pay for the selection, keep within its risk limits and take a share of the profit. There's less than a day until the US elections, and this is clearly not the last such day - it makes more sense to understand in advance how this scheme works.