Bitcoin edges up to $77,500 as Binance replaces 90% of stolen funds

Bitcoin edged up 0.31% to $77,479 in the 24 hours to early Sunday, according to CoinGecko data, as Binance said it had replaced 90% of the assets stolen in last week's record hack. Sentiment improved slightly, with the Crypto Fear & Greed Index rising to 34 from 30, its first move higher since the breach.

Bitcoin holds a tight range

Bitcoin traded between $77,051 and $77,657 over the past 24 hours, a narrow band of about $600. The coin is still down 3.79% over seven days, a loss that reflects the drop that followed the Binance hack. Spot volume stood at $44.3 billion, and Bitcoin's market value was about $1,557.8 billion. You can follow the price on the BTC/USD chart.

Ether and the other majors

Ether rose 0.5% to $2,254.35, slightly ahead of Bitcoin on the day. Most other large coins slipped modestly. Cardano was the weakest, down 1.26% on the day and 6.58% on the week. BNB, the token tied to Binance, dipped 0.21% and remains 4.43% lower over seven days.

Market breadth and sentiment

CoinGecko puts total crypto market value at $2.626 trillion, with a 24-hour change of -2.11%. That figure is weaker than the small moves in the major coins listed above. Bitcoin dominance stands at 59.2% and Ether's share at 10.5%.

The Fear & Greed Index reads 34, still in "Fear". It sat at 30 for two days after the hack, down from 51 on October 28 and 29. Before that it held in the high 40s and low 50s, with a reading of 54 on October 25.

Binance says most losses are covered

Cointelegraph reports that Binance has replenished 90% of the stolen assets and is targeting a Sunday restart of withdrawals. The remaining shortfall is mostly in less-liquid tokens, and the exchange is still buying replacements through market and over-the-counter trades, according to the same report.

CoinDesk adds that Binance is absorbing all losses through corporate funds, futures reserves and its SAFU fund, keeping user balances intact. Decrypt reports that attackers tied to North Korea drained roughly $6.4 billion from the exchange.

On the market impact, Strive CEO Matt Cole told Cointelegraph that Bitcoin held up better than expected. He said the hack has not changed his long-term case for Bitcoin, but cautioned that it is too early to call a market bottom.

Other headlines

• Chainalysis incident: The blockchain investigator was hit by a cybersecurity incident that exposed some non-sensitive customer data, including user IDs, names and email addresses, Cointelegraph reports.
• Uber tokenization pilot: Uber tested tokenized money market products with HSBC and Franklin Templeton, letting it keep funds invested while accessing cash for payments, even on weekends, according to CoinDesk.
• Bitcoin at 18: Several outlets marked 18 years since the Bitcoin white paper was published.

On the macro side, our sister site reports that the dollar closed October with a monthly gain as Fed speakers kept rate hikes in play.

What to watch next

1. Binance withdrawals: Whether the exchange restarts withdrawals on Sunday as targeted, per Cointelegraph, and how it closes the remaining shortfall in less-liquid tokens.
2. Next Technology Holding: The Nasdaq-listed firm has authorized sales or loans against its 5,833 BTC, citing exchange security and quantum computing risks, CoinDesk reports. It says none of the coins are held at Binance.
3. US oversight push: CFTC Chair Michael Selig said the theft shows why offshore exchanges should register with the CFTC and adopt US-grade cybersecurity standards, according to Decrypt.

CryptoClick Desk