Bitcoin Struggles After Major Binance Hack

Bitcoin ended October with a 7 % drop and lost another half percent in the first three days of November. It now sits near 77,000 dollars after touching roughly 87,000 dollars at the end of September.

The main trigger was a 6.3-billion-dollar breach at Binance on the night of October 30. Clients withdrew 3.6 billion dollars afterward, while spot bitcoin ETFs saw more than a billion dollars leave in just two days.

Analysts say the market has not fully priced in the fallout. Alexander Peresichan of Technobit expects a range between 75,000 and 82,000 dollars through November. Alexander Krayko of Cifra Markets points to continued ETF outflows and high Fed rates as factors keeping risk appetite in check.

Midterm elections in the US on November 3 and developments around Iran add further uncertainty. A sustained move above 82–84,000 dollars could open the way back toward 85–88,000, while a break below 75,000 would target the 70–73,000 zone.

Based on information from cryptonews.net