On Monday morning, Bitcoin’s price hovered around US$78,076 as the cryptocurrency market showed signs of stabilization after last week’s abrupt decline and the US$6.3 billion security incident at Binance.
Other cryptocurrencies were also stabilizing, with Ethereum priced at approximately US$2,268, BNB close to US$709, XRP at US$1.25, Solana around US$94, and Dogecoin near US$0.075.
The overall cryptocurrency market capitalization reached about US$2.68 trillion, with Bitcoin representing roughly 58% of this total.
Withdrawals at Binance have resumed
Market sentiment began to improve as Binance started gradually reopening withdrawals on November 1 after completing necessary security assessments.
The exchange announced the resumption of withdrawals on prominent networks such as Bitcoin, Ethereum, Solana, XRP, and BNB.
Furthermore, Binance reported that approximately 95% of the assets affected by the breach had been restored, and major holdings, including BTC, ETH, USDT, BNB, SOL, and XRP, were fully supported.
This recovery follows a turbulent end to the previous week when Bitcoin briefly fell to around US$76,400 and resulted in the liquidation of approximately US$1.5 billion in leveraged crypto positions.
ETF sales hinder recovery
Institutional investment flows continue to pose challenges.
On October 30, US spot Bitcoin ETFs experienced net outflows of US$643.2 million, reversing the positive flows from earlier in the week.
Similarly, Ethereum ETFs saw an additional US$155.7 million withdrawn on the same day, marking a continuation of weak flows for the second-largest cryptocurrency.
These sales have limited the upward momentum despite the reopening of withdrawals at Binance.
Altcoins show restrained performance
Many prominent altcoins have stabilized but still remain significantly lower than their values earlier in October.
While Solana is still below the US$100 mark, Ethereum is finding it challenging to maintain momentum above US$2,250.
BNB has made a recovery towards US$710, even as Binance remains the focal point of market attention, while XRP and Dogecoin have shown relatively minor fluctuations.
Key observations ahead
Bitcoin’s crucial test will be to see if it can reclaim and maintain a position above US$80,000 after finding support in the US$76,000 to US$77,000 range.
The flow of ETFs, the ongoing recovery at Binance, and overall risk appetite will likely play significant roles in determining market direction shortly, as traders remain cautious following the previous week’s liquidation event.