Coverage period: Monday, October 26 to Sunday, November 1, 2026Three shocks landed inside about 48 hours last week. A hawkish Federal Reserve hold on Wednesday, October 28 set a nervous tone. Big TechCoverage period: Monday, October 26 to Sunday, November 1, 2026Three shocks landed inside about 48 hours last week. A hawkish Federal Reserve hold on Wednesday, October 28 set a nervous tone. Big Tech

Weekly Crypto Market Analysis: Binance's $6.3 Billion Hack, a Hawkish Fed and a Tech Sell-Off Push Bitcoin Below $80K

#Industry Perspectives

BANK$0.02462+2.45%

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Author: Emmanuel Olamiye

2026/11/06 17:21

Coverage period: Monday, October 26 to Sunday, November 1, 2026

Three shocks landed inside about 48 hours last week. A hawkish Federal Reserve hold on Wednesday, October 28 set a nervous tone. Big Tech earnings then disappointed on Thursday, October 29 and Friday, October 30. And late on Thursday, Binance disclosed the largest crypto theft on record, roughly $6.3 billion. Bitcoin climbed to $81,882 on Wednesday, slid to $76,155 by Friday, and closed the week at $78,239, down 2.26%.

This weekly crypto market analysis covers the key crypto event, the policy moves that matter, the US stocks that made waves, trading levels, risk warnings, what Wall Street and analysts expect, bullish and bearish scenarios, and the dates to watch in the coming days. Every key date is included so you can follow the sequence of events.

Key Takeaways

Bitcoin closed the week at $78,239 (down 2.26%) after trading between $76,155 and $81,882. October finished down about 7.3%, the weakest October in roughly 12 years and a fourth straight weekly loss.
Binance lost about $6.3 billion on Thursday, October 29. The FBI named North Korea's TraderTraitor group on October 31. Around $3 billion is frozen, and Binance says users will not carry the loss.
The Fed held rates at 3.75% to 4.00% on October 28 in a 10 to 2 vote. Both dissenters wanted a hike, so markets began to price a possible December increase.
Spot Bitcoin ETFs lost $643 million on Friday, October 30, the biggest one-day exit since June. The week ended with net outflows of about $202 million.
Wall Street had a rough finish. The Nasdaq fell 2.0% on the week and 2.9% on Friday. Alphabet had its worst day as a public company and Intel dropped nearly 29% in one session.
The line in the sand for Bitcoin is $76,000, the average cost basis of short-term holders. Resistance sits at $80,000 to $82,000.
Next catalysts: US midterm elections on Tuesday, November 3, the jobs report on Friday, November 6, and October CPI on Tuesday, November 10.

Key Highlights: The Week at a Glance

Bitcoin (BTC): from $80,049 to $78,239, -2.26% (range $76,155 to $81,882)
Ethereum (ETH): from $2,327 to $2,272, -2.33% (low $2,170)
Solana (SOL): from $101.25 to $94.41, -6.76%
Total crypto market cap: from $2.67T to $2.62T, -2.1%
S&P 500: closed Friday at 7,580.07, -0.57% for the week
Nasdaq Composite: closed Friday at 25,437.00, -2.00% for the week
Dow Jones: closed Friday at 51,770.31, -0.85% for the week
Fear and Greed Index: from 50 (Monday) to 34 (Sunday), peaked at 51, fell to 30 on Friday

Crypto prices use daily candles from Kraken (Monday to Sunday, UTC). Stock index levels are Friday, October 30 closes.

1. Binance's $6.3 Billion Hack: The Crypto Event That Defined the Week

The biggest story of the week was not a price move. It was a security failure at the world's largest crypto exchange. Binance said attackers took about $6.3 billion in token assets from its hot wallets on Thursday, October 29, 2026. Blockchain analytics firm TRM Labs counted a slightly higher $6.36 billion across ten blockchains. Either way, it is the largest crypto theft ever recorded, roughly four times the $1.5 billion Bybit hack of February 2025.

The timeline, with key dates

October 29, about 20:05 UTC: funds begin leaving Binance wallets on ten chains, including Ethereum, Bitcoin, TRON, the XRP Ledger, Solana, Arbitrum, Avalanche, Optimism, Base and Polygon. Most of the money moves in about 20 minutes.
October 29, 20:24 UTC: one Ethereum transaction drains the hot wallet known as Binance 14, including about 1.6 billion USDT. Reports say the attacker used the EIP-7702 feature, which lets a normal wallet run smart contract code after a signed permission.
October 29, 21:01 to 22:10 UTC: Tether, Circle, Ripple and World Liberty Financial freeze stolen stablecoins within about an hour.
October 30, 00:13 UTC: Binance pauses deposits and withdrawals and promises to cover all customer losses. About two hours later it shares first findings pointing to a compromised DevOps engineer's laptop, and later admits to additional points of breach.
October 30 to November 1: Binance reports that it has replaced about 80% of the stolen assets on October 30, 90% on October 31, and 95% on November 1.
October 31: the FBI says North Korea's TraderTraitor group is responsible and publishes a list of attacker addresses.
November 1, 06:00 UTC: withdrawals restart in phases. By 12:36 UTC, 15 networks are open again.

What was stolen and where it stands

According to TRM Labs, about $3.79 billion came from Ethereum (roughly 200,600 ETH plus 185 other tokens, including stablecoins) and $1.47 billion from Bitcoin (18,270 BTC). The rest came from TRON, the XRP Ledger, Solana and other chains. Stablecoins are the part that can be recovered, because issuers can freeze them. Tether froze about 1.77 billion USDT and Circle about 825 million USDC. Binance puts the total frozen figure near $3 billion, though none of it has been returned yet.

The harder part is everything else. Bitcoin, Ether, Solana and XRP have no issuer who can freeze them. Analysts tracked the attacker selling more than 130 altcoins for about 123,400 ETH, moving hundreds of millions through TRON staging wallets, and swapping close to 970,000 SOL into Bitcoin on November 1. The US Secret Service said it froze a significant portion of the funds within minutes of the attack. Bobby Lee, founder of Ballet, said the stolen Bitcoin is likely unrecoverable.

How Binance responded

Binance is paying for the loss from three places: part of its SAFU emergency fund, part of its futures insurance fund and its own treasury. Ten major tokens, including BTC, ETH, USDT, BNB, SOL and USDC, were fully backed by October 31. The exchange plans to refill SAFU to about $1 billion. As of November 1, a full post-incident report was still pending, and Binance had promised an updated proof of reserves for November 2.

When withdrawals reopened on Sunday, November 1, users pulled out $4.65 billion and deposited $1.01 billion, a net outflow near $3.64 billion. That is about 2.1% of the $171 billion in assets Binance showed in its October 28 reserves data. In other words, there was a rush for the exits, but not a run that threatened the exchange.

Market spillover

The hack hit an already nervous market. BNB dropped about 7%, from near $744 to near $695 within hours, and was still trading around $707 on November 1. Bitcoin touched a six-week low near $76,200 and liquidations ran to roughly $1.5 billion. Ether fell roughly 5% on Thursday, and the largest chunk of stolen value sat on Ethereum. Hyperliquid's HYPE token went the other way, rising roughly 18% on Friday, October 30 and moving into the top 10 by market cap, passing Zcash.

Rick Maeda, head of markets at Laevitas, called the reaction fairly contained and said Binance can absorb the loss. That view makes sense when you remember Bitcoin was already leaning lower before the news broke. The hack was a trigger, not the only cause.

Why it matters beyond Binance

This is the third major exchange breach in under two years, after Bybit in February 2025 and Bitget, which reportedly lost about $387 million in September 2026. Investigators found funds from the Bitget and Binance thefts mixed at the same address. The lesson for traders is practical: the weak point is often a person or a laptop, not the blockchain. Strong operational security, regular proof of reserves and good habits on your own side matter more than any single brand name.

2. Fed, Global Policy and US Regulation: What Moved the Macro Backdrop

The Fed's hawkish hold on October 28

The Federal Reserve left the federal funds rate at 3.75% to 4.00% on Wednesday, October 28. The decision matched expectations, but the vote did not. Governor Lisa Cook and Cleveland Fed President Beth Hammack both voted for a quarter point hike, making it a 10 to 2 split. The last rate move was a 25 basis point hike on September 16, and the statement still described inflation as elevated. Chair Kevin Warsh held the press conference that followed. Source: https://www.wealthmanagement.com/fixed-income/fed-holds-rates-says-more-data-will-help-next-decision

The dissents are the real signal. Dallas Fed President Lorie Logan said at least two more hikes may be needed. Futures markets began to price some chance of a hike at the next meeting on December 8 and 9. For crypto, that matters because higher-for-longer rates drain liquidity from risk assets, and Bitcoin has been trading closely with tech stocks.

Yields and the dollar

Strangely, Treasury yields fell over the week even after a hawkish Fed, because stocks sold off and investors bought bonds. The 2-year yield dropped 13 basis points to 4.56%, the 10-year fell 6 basis points to about 4.94% and the 30-year eased to 5.31%. The dollar slipped briefly after the decision before recovering. Long yields near 5% remain a headwind for every risk asset.

ECB and Bank of Japan

Other central banks were also on the calendar. The European Central Bank met on Thursday, October 29 and the Bank of Japan on Friday, October 30. Markets had positioned for holds at 2.5% and 1.25%, with the BOJ expected to hint at more hikes. Pre-meeting swap pricing implied about an 80% chance of a BOJ hike in December. Traders watch this closely because a sharp yen rally has hurt global risk assets before, including the August 2024 sell-off.

US crypto regulation: the CLARITY Act stays stuck

On the policy side, US crypto market structure is still being built by agencies instead of Congress. The Senate failed to advance the CLARITY Act on September 15, with 49 votes in favor and 50 against. The Senate returns on Monday, November 9, but legal analysts say the bill is effectively stalled for this Congress and would likely need to be reintroduced in January 2027.

In the meantime, regulators are moving on their own. The CFTC opened a rulemaking process in early October for a new category called a Crypto Asset Market, with public comments open until December 14. The SEC has proposed Regulation Crypto Assets, whose comment period closed on October 20, and issued temporary relief for tokenized securities venues. This agency-led path is faster but less durable than a law.

The midterms on November 3

Americans vote on Tuesday, November 3 for all 435 House seats and 35 Senate seats. For crypto, the result will shape who writes the next market structure bill. Prediction markets on Polymarket moved toward Democratic control of the Senate during the week, with Democratic Senate control priced at about 73.5 cents, up 9 points. Treat those prices as what traders were betting, not a forecast, and remember that policy outcomes take months to play out.

3. Crypto Market Trends: Price Action, ETF Flows, Derivatives and Altcoins

Bitcoin's week, day by day

Monday, October 26 and Tuesday, October 27: Bitcoin opened near $80,049 and moved sideways between $79,400 and $80,800 as traders waited for the Fed. Sentiment was neutral, with the Fear and Greed Index at 50.
Wednesday, October 28: Bitcoin pushed to the weekly high of $81,882 and sentiment ticked up to 51. US stocks closed higher. Then the Fed held rates with two hawkish dissents.
Thursday, October 29: the damage day. Bitcoin fell about 4.3%, Ether 4.6% and Solana 6.8%. Samsung's chip unit missed estimates, Alphabet reported a profit miss, and late in the day Binance disclosed the hack. Futures liquidations had already hit $356 million before the Binance news.
Friday, October 30: Bitcoin hit its low near $76,155. Spot ETFs lost $643 million, and a Nasdaq drop of 2.9% on Intel and Amazon results added pressure. Fear and Greed fell to 30.
Weekend, October 31 to November 1: prices stabilized between $77,500 and $78,300 and the week closed at $78,239. Early on Monday, November 2, Bitcoin slipped about 2% again and traded around $76,600 to $77,000 into the new week.

Bitcoin ETF flows turn negative

Spot Bitcoin ETFs took in about $441 million from Monday to Thursday, then lost $643 million on Friday alone. That was the largest single-day withdrawal since June and left the week at about minus $202 million. BlackRock's IBIT led the exit with roughly $234 million. ETF demand has been the main source of fresh institutional buying this year, so a return to net inflows is one of the clearest signs a recovery is real.

Derivatives and positioning

Positioning stayed fairly calm for such a violent week. Perpetual funding rates ended near neutral at +0.009%, open interest was about $35.5 billion (down 1.1%), and one-month implied volatility was 38.2%. The put-call skew rose to 12.2 points, which means traders are paying more for downside protection than upside. Realized losses were heavy, with about $1.04 billion in net realized losses as coins moved at a loss.

Altcoins and the rest of the top 10

Ether ended the week at $2,272, down 2.33%, with a low of $2,170. The ETH to BTC ratio stayed flat near 0.029, so Ether fell with Bitcoin instead of lagging it. Solana lost 6.76% to $94.41, and Cardano lost about 6.6%. XRP held near $1.25. BNB took the direct hit from the hack, while Hyperliquid was the standout winner. Altcoins usually fall harder than Bitcoin in risk-off weeks, and this one followed that pattern.

4. US Stocks: The Gainers, the Losers and What Moved Them

Crypto did not fall in isolation. The same week, US tech stocks had one of their worst stretches in months, and the two markets moved together.

How the indexes finished

For the week of October 26 to 30, the S&P 500 fell 0.57% to 7,580.07, the Nasdaq Composite fell 2.00% to 25,437.00 and the Dow slipped 0.85% to 51,770.31. The Russell 2000 small-cap index rose about 1.3%. Friday, October 30 did most of the harm: the S&P 500 lost 1.82%, its worst day since June 5, while the Nasdaq dropped 2.86%. For the full month, the Nasdaq fell 5.3%, its worst month since March 2025, while the Dow gained 1.7%.

Underneath the headline, the market was rotating. The equal-weight S&P 500 rose for a fourth straight week, and nine of the eleven sectors finished higher. Only information technology and communication services fell. Money moved out of the biggest AI names and into everything else.

The biggest losers and why

Alphabet (GOOGL), about -12.6% on Thursday, October 29. Its worst day since going public, erasing close to $500 billion in market value. Third-quarter operating income came in at $40.58 billion against $43.16 billion expected, search revenue disappointed, and management admitted that queries in its AI Mode earn less from ads. Free cash flow for the quarter was negative by about $9.1 billion.
Intel (INTC), about -28.6% on Friday, October 30. The stock had closed Thursday at $92.07 and opened Friday near $68. Its worst day since 1974 wiped out more than $100 billion. The quarter itself was strong, with adjusted earnings of $0.52 per share against $0.40 expected and revenue up 21% to $16.5 billion. The outlook was the problem: fourth-quarter revenue guidance of $15 billion to $16 billion fell short of the $17.1 billion Wall Street wanted, with a PC market slump and a plant accident in Israel cited. BofA downgraded the stock from Buy to Neutral and cut its price target from $145 to $100.
Amazon (AMZN), about -3.1% on the week. AWS grew about 39%, but profit missed and heavy capital spending pushed trailing free cash flow deep into the red, at roughly negative $42 billion.
Meta (META), about -4.3% to $614.99. The stock kept sliding on its huge capital spending plans and a $9.89 billion litigation charge.
Netflix, about -5.7%, and SpaceX, about -8.7%, also fell in the tech-led sell-off, while Nvidia lost about 3% and Apple about 0.9% to $344.63.
ServiceNow had the worst day in its history after guiding to slower growth in future contracted revenue, at 18.5% against 20.5% in the quarter just reported.

The biggest gainers and why

Eli Lilly (LLY), about +6.6% on Thursday, October 29, closing at $1,373.70, its highest close in a year, after beating earnings estimates and raising its revenue forecast. It rose roughly 11% on the week as drug stocks rallied with it.
SK Hynix, about +8.9% for the week, finished sharply higher even as many other chip names fell.
General Motors jumped after announcing it will move its listing from the NYSE to the Nasdaq, and Carvana also finished the week higher.
Small caps and the average stock held up better than the big names, with the Russell 2000 up about 1.3% for the week.

The common thread: AI cash burn

The theme was money. About 299 S&P 500 companies had reported by Friday and 82% beat estimates, but the average beat was only 1.4%, far below the five-year average of 7.5%. One tally showed Alphabet, Amazon and Meta together burned $44.6 billion of free cash in the third quarter, compared with $36.5 billion a year earlier. Microsoft was the only one of the four still generating cash, and even its Azure growth of 48% did not stop the stock from giving back its post-earnings gains. Investors are no longer rewarding AI spending on its own. They want proof that it pays off.

Why stocks matter for crypto

Bitcoin has traded like a tech stock for much of this year. When the Nasdaq slides on AI worries, Bitcoin tends to follow. The reverse is also true: a calm tech market gives crypto room to recover. That is why Apple and Palantir earnings on Monday, November 2 and the broader earnings run this week deserve a place on a crypto trader's calendar.

Binance hack fallout: FBI blames North Korea, about $3 billion frozen, withdrawals reopen on November 1, and a full post-mortem was still pending, with an updated proof of reserves promised for November 2.
Anthropic files its public S-1 (Monday, October 26): the AI company proposed listing on the Nasdaq under the ticker ANT. Bloomberg reported that marketing could start as soon as the week of November 9. A very large IPO can pull liquidity away from other risk assets, which some traders are watching. Full disclosure: Anthropic is the company that builds Claude, the assistant that helped assemble this report.
Hyperliquid enters the top 10: HYPE rose about 18% on October 30 and passed Zcash by market cap.
CFTC proposes a federal route for crypto markets: a new Crypto Asset Market category, with comments open until December 14.
Nvidia faces scrutiny: reports linked about $4.8 billion of chip purchases to a probe involving Megaspeed, which China rejected.
Midterm betting: prediction markets favor Democratic control of the Senate, with results due after polls close on November 3.
Hack arbitrage: traders profited from price gaps across exchanges while Binance withdrawals were paused, a reminder of how fast liquidity can fragment.

6. Trading Key Levels: Bitcoin and Ether

Analysts use slightly different methods, so treat levels as zones instead of exact lines.

Strong resistance ($85,000 to $87,000): Rejected price twice in late September and early October
Resistance ($80,000 to $83,000): $80,000 is broken support turned resistance; $83,000 is a weekly level traders watch
First support ($77,000 to $78,000): Around the True Market Mean and the 100-day average
Key support ($76,000): Average cost basis of short-term holders; held after the hack
Next support ($75,000): Mid-September low; many analysts expect a retest
Danger zone ($73,000 to $74,000): Near the 200-day average (sources place it between $73,000 and $76,500 depending on the method)
Deeper bear levels ($71,000, $67,000, $60,000): Lower channel band, 200-week average, and a bear target based on the May pattern
Ether range ($2,170 to $2,390): Weekly low and weekly high

One technical warning stands out. The daily Supertrend indicator flipped to bearish after the hack for the first time since May. The last time that happened, Bitcoin fell about 25% to roughly $57,800. That is not a prediction, but it is a reason to respect $76,000.

7. Fundamentals Check: What On-Chain Data and Macro Say

Valuation is fair, not stretched. Bitcoin's MVRV ratio was about 1.48 and NUPL about 0.33, a zone that points to optimism, not euphoria.
Exchange outflows are not a buy signal this time. Net outflows of about 46,600 BTC for the week look bullish on paper, but they mostly reflect stolen coins and users pulling funds off exchanges after the hack.
Leverage is low. Funding is near neutral and implied volatility is only 38%, so the market is not overheated.
Pain is building. Realized losses of about $1 billion and a rising put-call skew show holders are nervous.
Macro is the main drag. Rates are near 3.75% to 4.00% with hikes on the table, the 10-year yield is near 4.9%, and AI stocks are being repriced. Bitcoin is about 35% below its October 2025 record and down roughly 8% to 11% for 2026, depending on the source.
Regulation is a slow tailwind. Agencies are writing rules, tokenization is advancing, and the GENIUS Act for stablecoins has been in force since July 2025, but market structure legislation will not arrive before 2027.

8. What Wall Street, Analysts and Crypto KOLs Expect

Standard Chartered: Geoffrey Kendrick expects more downside until the freeze and hack details settle, then a new base once assets unfreeze. The bank still targets $100,000 by year-end.
Bernstein: sees Bitcoin near $125,000 by year-end and $150,000 around mid-2027.
21Shares: says November depends on Bitcoin holding $76,000 to $78,000, Binance finishing withdrawals and proving reserves, credit spreads and oil behaving, and ETF flows returning. A weekly close above that zone on November 1 was a good sign.
Laevitas: Rick Maeda argued the market reaction was contained and that Binance can absorb the loss.
Chart analysts at BeInCrypto and FXEmpire: focus on $76,000 as the pivot, with $75,000 as the likeliest retest. A reclaim of $82,000 could open the way to $87,000.
Fed officials: Logan's call for possibly two more hikes shows the hawkish camp is growing, which keeps pressure on risk assets.
Equity analysts: BofA's Vivek Arya warned about a deep PC slump behind Intel's weak outlook, and several analysts cautioned against buying Intel's dip just because it fell.

Note the gap between the year-end targets of $100,000 to $125,000 and the price near $77,000. Bank forecasts have been cut several times this year, so use them as sentiment gauges, not trading signals.

9. Bullish and Bearish Scenarios for the Coming Days

Bullish scenario: relief and recovery

Dip buyers defend $76,000 to $78,000, ETF flows turn positive, and Binance publishes a clean proof of reserves and post-mortem. A soft jobs report on November 6 and a cooler CPI on November 10 reduce December hike fears. Bitcoin reclaims $80,000, then $82,000, with $85,000 to $87,000 as the next target. Ether would likely recover toward $2,390 and above, and altcoins would outperform.

Base scenario: a choppy range

Bitcoin trades between about $75,000 and $80,000 while traders wait for data and hack details. Moves are fast but fade. With leverage low and no single clear catalyst, this is a reasonable base case, though it is a judgment call and not a certainty.

Bearish scenario: a break of $76,000

A daily close below $76,000 opens $73,000 to $74,000. Add a hot jobs or CPI print, further AI stock losses, rising December hike odds or news that the attacker is still cashing out, and the next stops are $71,000 and possibly $67,000. A repeat of the May decline would target $60,000. ETF outflows would likely continue in this case.

10. Risk Warnings and Risk Management

Main risks to keep in mind

Event volatility: the midterms, jobs report and CPI can each move Bitcoin 3% to 5% within hours.
Leverage: the $1.58 billion liquidation wave showed how fast leveraged positions disappear.
Exchange and custody risk: the largest exchange in the world was breached. No platform is immune.
Scams after the hack: Binance's co-CEO warned that no cash voucher or compensation campaign exists. Fake links are circulating.
Correlation with tech stocks: a further Nasdaq slide can drag crypto lower even without crypto news.
Stolen funds in motion: continued selling or laundering of stolen assets can add pressure and cause odd price gaps.

A practical risk management checklist

Size positions small around event days. Cut leverage before November 3, 6 and 10, or avoid it entirely.
Decide your exit before you enter. Place stop-losses beyond obvious levels, such as below $76,000 or $75,000, and avoid moving them wider when a trade goes wrong.
Scale in instead of going all in. Split entries across several price points or days, which is the idea behind dollar-cost averaging.
Keep only trading funds on exchanges. Move long-term holdings to a wallet where you control the keys, and use a hardware wallet bought from the official maker.
Turn on strong account security. Use an authenticator app instead of SMS, set a withdrawal whitelist and an anti-phishing code, and review your API keys.
Only trust official channels. Ignore compensation links, direct messages and unknown giveaway posts.
Watch proof of reserves. Favor platforms that publish regular, verifiable reserve data.
Never risk money you cannot afford to lose. Crypto is volatile, and past moves do not guarantee future results.

11. What to Expect in the Coming Days: Key Dates

Monday, November 2 (after the close): Apple and Palantir earnings. About 138 S&P 500 companies report this week, so tech sentiment can swing.
Tuesday, November 3: US midterm elections. Polymarket balance-of-power markets settle at 04:59 UTC on November 4.
Monday, November 2: Binance promised an updated proof of reserves report for this day. A full post-mortem and the reopening of the remaining withdrawal networks were still to come.
Friday, November 6, 8:30 am ET: October jobs report. A strong print raises hike odds, a weak one may lift them off.
Monday, November 9: The Senate returns. Bloomberg reported Anthropic could begin marketing its IPO as soon as this week.
Tuesday, November 10, 8:30 am ET: October CPI, the last major inflation print before the Fed meets.
Friday, November 27: Monthly Bitcoin options expiry, which can move price in the short term.
December 8 and 9: Next FOMC meeting with new projections, where a hike is now a live possibility.
Monday, December 14: CFTC comment deadline on its proposed crypto market framework.

Seasonality offers a small hint. Bitcoin's November results over the past ten years have been mixed, so history is not a reliable guide after a weak October. Focus on the data calendar and on the $76,000 level.

Frequently Asked Questions (FAQ)

Why did Bitcoin fall last week?

Three things stacked up. The Fed held rates on October 28 with two officials voting for a hike, Big Tech earnings from Alphabet, Amazon and Intel sparked an AI spending sell-off, and Binance disclosed a $6.3 billion hack on October 29. Bitcoin dropped from $81,882 to $76,155 in about 48 hours.

How much was stolen from Binance and who did it?

Binance estimates about $6.3 billion, and TRM Labs counts about $6.36 billion across ten blockchains. The FBI said on October 31 that North Korea's TraderTraitor group was responsible. It is the largest crypto theft ever, about four times the Bybit hack of 2025.

Are users' funds at Binance safe?

Binance says users will not lose money. It has replaced about 95% of the stolen assets using its SAFU fund, an insurance fund and company money, and reopened withdrawals on November 1. As of November 1, Binance had promised an updated proof of reserves for November 2, and a full post-incident report was still pending.

Did the Fed raise interest rates?

No. The Fed held the rate at 3.75% to 4.00% on October 28 in a 10 to 2 vote. Both dissenters wanted a quarter point hike. The next meeting is on December 8 and 9.

Which US stocks fell the most?

Intel fell about 28.6% on October 30 after weak guidance, its worst day since 1974. Alphabet dropped about 12.6% on October 29, its worst day as a public company. Meta, Amazon, Netflix and ServiceNow also fell. Eli Lilly and SK Hynix were among the winners.

What is the key Bitcoin support level now?

Most analysts point to $76,000, the average cost basis of short-term holders, with $75,000 as the next retest area. Below that, watch $73,000 to $74,000. On the upside, resistance sits at $80,000 to $82,000.

Will Bitcoin go up in November?

Nobody can say. A recovery needs the $76,000 to $78,000 zone to hold, ETF inflows to return and softer jobs and inflation data. A break below $76,000 would raise the odds of a deeper drop. Plan for both outcomes.

How can I protect my crypto after the Binance hack?

Keep only trading funds on exchanges, move long-term holdings to self-custody, use an authenticator app, set withdrawal whitelists, and ignore compensation links or direct messages. Binance has confirmed that no cash voucher campaign exists.

Conclusion

Last week was a reminder that crypto does not trade in a bubble. A hawkish Fed, a painful week for AI stocks and the largest exchange hack ever recorded landed on top of each other, and Bitcoin gave up the $80,000 level. Still, the market held its ground better than many feared. Leverage stayed low, Binance moved fast to cover losses, stablecoin issuers froze billions within an hour, and Bitcoin closed the week above the key $76,000 cost basis.

The coming days are loaded with catalysts: the midterms on November 3, the jobs report on November 6 and CPI on November 10. The simplest plan is to respect $76,000 on the downside, treat $80,000 to $82,000 as the first real test on the upside, keep leverage low, and keep your assets secure. Come back next week for the next edition of our weekly crypto market analysis.

Disclaimer: This article is for information and education only and is not financial, investment or legal advice. Crypto and stock prices are volatile and you can lose money. Figures come from public sources and can be revised. Always do your own research and never invest more than you can afford to lose.

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