Bitcoin rises to $78,000 as Binance reopens withdrawals after hack

Bitcoin edged up to $78,017 as Binance reopened customer withdrawals after its record hack. The restart brought a wave of outflows, but prices held steady and sentiment improved for a second day.

Since our last recap, the story has moved from Binance replacing stolen funds to customers actually pulling money out. Cointelegraph reports net outflows from the exchange surged to $5.8 billion once withdrawals resumed, before slowing.

Bitcoin

According to CoinGecko data at 00:42 UTC on November 2, Bitcoin traded at $78,017, up 0.58% over 24 hours. Over seven days it is still down 2.63%. The 24-hour range was narrow, from $77,577 to $78,319. Spot volume was about $78.2 billion. You can follow the BTC/USD chart for intraday detail.

Ether and the majors

Ether rose 0.5% to $2,268.80. BNB, the token most exposed to the hack, gained 0.72% to $709.32 but remains down 3.85% on the week. Solana was the weakest major, down 1.79% in 24 hours and 6.94% over seven days.

Breadth and sentiment

CoinGecko puts total crypto market capitalisation at $2.61 trillion, with a 24-hour change of -3.1%. That figure sits awkwardly next to the small gains in Bitcoin, Ether and BNB, so the broader decline appears to come from outside the largest coins. Bitcoin dominance stands at 60.1% and Ether dominance at 10.6%.

The Crypto Fear & Greed Index rose to 37 from 34 the day before. It is still in Fear, but it has climbed from 30, where it sat on October 30 and 31 after the hack. Before the hack it read a neutral 51.

What moved the market

Binance reopens withdrawals

CoinDesk reports that Binance reopened withdrawals in phases following the $6.3 billion exploit, with bitcoin leading the first phase. Cointelegraph says net outflows reached $5.8 billion. According to the exchange, that is a fraction of its roughly $171 billion in customer assets, and withdrawals have since slowed.

FBI names North Korea

Cointelegraph reports that the FBI has blamed North Korea for the hack and is seeking private-sector help to block further laundering. CoinDesk adds that the FBI asked the DeFi community to block listed BTC, ETH and SOL addresses. Chainalysis told CoinDesk the attackers have already used thousands of addresses and expects that number to grow. In Cointelegraph's Hodler's Digest, a THORChain co-founder argues the protocol should not halt to comply with FBI demands.

ETF investors pull back

Decrypt reports that US spot Bitcoin ETFs saw $643.2 million in outflows on Friday, the first full session after the hack. That left October with roughly $516 million in net outflows.

What to watch next

• US midterm election on November 3. CoinDesk's guide says the results will shape crypto legislation and regulation over the next two years. CoinDesk also reports that crypto PACs pushed hard for Republicans, even as polling and online wagers give Democrats a high chance of gaining power in Congress.
• Later Binance withdrawal phases. Bitcoin went first, according to CoinDesk. Further phases and the pace of outflows are the next tests.
• The address-blocking debate. Watch how DeFi protocols, including THORChain, respond to the FBI's request.
• ETF flows. The next sessions will show whether Friday's outflows continue.