Crypto Weekly: Binance Hack Deepens Crypto Rout as Market Cap Falls to $2.7T

The cryptocurrency market ended October down 10%, with its total capitalization falling from $3 trillion to $2.7 trillion amid widespread losses. Bitcoin declined 3.3% in the final week, extending its year-to-date losses to 11%, while ethereum fell more than 15% over 30 days. The cryptocurrency economy shed tens of billions of dollars in the final week of October, ending the month down 10% from its opening market capitalization of $3 trillion. The decline was particularly unusual given October’s historical reputation as a strong month for cryptocurrencies, including bitcoin. According to seven-day data from Coingecko, bitcoin, which came close to reclaiming its year-opening price on Oct. 6, ended the final week of the month down 3.3%.

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