Bitcoin traded near $78,600 early Monday in Asia, marking its third consecutive day of growth as Asian equity markets and U.S. stock futures recovered. The move came after a period of volatility that followed the disclosure of a record $6.3 billion hack at Binance, the world’s largest cryptocurrency exchange by trading volume.
Cryptocurrency Prices Stabilize After Binance Hack
Major cryptocurrencies showed signs of stabilization at the start of the week. While Bitcoin climbed 1% to reclaim the $78,500 mark, Zcash (ZEC) led the large-cap tokens with a 3% increase, reaching nearly $1,280. Ether and BNB each rose almost 2%, with Ether moving above $2,300 and BNB trading close to $713. Other major altcoins, including XRP and TRX, advanced approximately 1%. Solana (SOL) trailed behind, remaining flat near $95, according to CoinDesk data.
Binance reported the $6.3 billion security breach last week, the largest in the history of cryptocurrency exchanges. Following the hack, Bitcoin slipped to $77,600 during late Sunday trading but quickly rebounded above $78,500 as buyers returned.
The exchange resumed crypto withdrawals in stages, starting with Bitcoin. The FBI also confirmed that North Korean actors were behind the Binance hack and asked the decentralized finance community to assist in blocking affected BTC, ETH, and SOL addresses.
Mini dictionary: Zcash (ZEC) is a privacy-focused cryptocurrency offering shielded transactions that conceal sender, recipient, and amount details using zero-knowledge proofs.
| Asset | Last Price | 24h Change |
|---|---|---|
| Bitcoin (BTC) | $78,600 | +1% |
| Zcash (ZEC) | $1,280 | +3% |
| Ether (ETH) | $2,300 | +2% |
| BNB | $713 | +2% |
| XRP | – | +1% |
| TRX | – | +1% |
| Solana (SOL) | $95 | 0% |
Global Markets React and Oil Slides
Asian equities mirrored the rebound in risk sentiment, with benchmarks rising in South Korea, Hong Kong, and Japan. Chinese stocks also gained after reports that regulators planned to meet with banks and brokerages to discuss market support measures.
On Friday, the tech-heavy Nasdaq 100 had its worst session since June with a 3.5% loss, while the Philadelphia Semiconductor Index fell 7%. By Monday, futures for both the S&P 500 and Nasdaq 100 were up at least 0.4%.
Meanwhile, Brent crude fell 3% to about $110 per barrel after reports suggested that President Donald Trump was favoring extended diplomatic engagement with Iran ahead of a potential resumption of strikes, potentially postponing further escalation until after the U.S. midterm elections. Gold bounced 1% to around $3,910 per ounce, recovering from its lowest close in more than a year.
Midterms, Crypto Regulation, and Market Outlook
Investors are closely monitoring the upcoming U.S. midterm elections, which are set to conclude Tuesday evening with results expected during Asian trading hours on Wednesday. The political outcome is drawing attention as it may influence regulatory developments and market direction.
Currently, discussions around the CLARITY Act—legislation designed to clarify which U.S. agencies oversee specific crypto assets—are ongoing. The act could have a significant impact on the crypto industry’s regulatory landscape.
Jeff Mei, chief operating officer at the crypto exchange BTSE, commented that persistent macroeconomic pressures and high interest rates, as highlighted in recent Federal Reserve statements, could continue to restrict liquidity for Bitcoin and other digital assets in the near term.
Persistent macro pressures may keep interest rates elevated, which would limit liquidity in Bitcoin and broader crypto markets over the coming months, according to BTSE’s Jeff Mei. He noted that a rebound in technology stocks could mark a potential bottom and buying opportunity for Bitcoin as it remains below the $80,000 level.
Mei also suggested that the outcome of the U.S. midterm elections could influence the Iran conflict, oil prices, and broader inflationary trends, which in turn may affect both stock and crypto markets. He pointed out that a Democratic majority in Congress may expedite a resolution to the conflict and provide support for cryptocurrency markets via reduced inflationary risk.
As the week progresses, traders are expected to keep a close watch on the interplay between technology stocks, legislative developments affecting crypto, and macroeconomic news shaping investor sentiment.
