A $6.3 Billion Hack Tested Bitcoin’s Bull Market. 3 Signs It Passed

The largest crypto hack on record hit Binance last week. Bitcoin’s (BTC) charts, however, show little sign of a broken bull market. Three signals point that way, from the weekly close to monthly momentum. One group of investors still has reason for caution before the US midterm elections. 1. A Record Hack Met a Shallow Weekly Loss The Binance hack on October 29 drained about $6.3 billion from 10 blockchains. Binance pledged to cover all losses and began phased withdrawals on November 1. Even so, Bitcoin closed the week down only 2.9%, according to on-chain analyst Willy Woo. Gold fell 3% over the same stretch, per Woo’s figures. Woo contrasted this with the FTX collapse, which knocked Bitcoin down 25% in the 2022 bear market.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to BeInCrypto.