Bitcoin was valued at $77,926 as of 11:02 UTC on Monday, based on data from CoinGecko. This price is approximately 2% higher than the low point of around $76,100 following the Binance hacking incident as calculated by Unchained. Meanwhile, Ether is trading at $2,285.83.
This low was recorded on the afternoon of Friday, October 30, when Coinbase’s BTC-USD market dropped to $76,141 at 18:50 UTC, according to exchange data.
Despite the declines, the recovery persisted even as U.S. Bitcoin ETFs experienced net outflows totaling $643.3 million on Friday, as reported by SoSoValue. Among these outflows, BlackRock’s IBIT accounted for $233.7 million, while Fidelity’s FBTC saw $201.0 million in withdrawals. Friday marked the first U.S. trading session following the hack, which began after the market closed on Thursday, based on the timeline provided by Chainalysis.
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Binance Resumes Withdrawals
The more stable trading conditions emerged after Binance started to reopen withdrawals in phases at 06:00 UTC on Sunday, November 1. Between 06:00 and 15:30 UTC, users withdrew $4.649 billion while depositing $1.01 billion, resulting in a net outflow of roughly $3.64 billion, according to the exchange’s report. Binance noted that this outflow represented 2.1% of the $171 billion in total assets reported as of October 28.
Withdrawals saw an initial surge but then “stabilized as anticipated,” stated Binance, reassuring users by saying that “market conditions are stable.”
TRM Labs and Chainalysis estimated the losses from the Binance hack to be over $6.3 billion, with both organizations attributing the attack to TraderTraitor, a hacking group linked to North Korea. Binance committed to compensating those affected using funds from its SAFU reserve as well as company resources.
Iran’s Impact on Upcoming Elections
The issue regarding Iran looms over the U.S. midterm elections set for Tuesday. Israeli Prime Minister Benjamin Netanyahu has urged President Donald Trump to take action against Iran immediately following the elections, as reported by Axios. However, Trump appears to want to allow discussions with Tehran to proceed without rush, stating on Saturday that negotiations were “going well” and that he was not “in a hurry.” Secretary of State Marco Rubio noted that no decisions have been finalized, as per reports from Iran International.
Brent crude futures were priced at $108.46 at 10:53 UTC on Monday, reflecting a drop of about 4% from Friday’s closing price, according to Yahoo Finance.
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