Bitcoin nears $79,000 as crypto markets steady after Binance hack

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Bitcoin nears $79K after Binance hack

Highlights

Bitcoin rises about 1% to nearly $78,600 in Asia, extending gains for a third consecutive day after the Binance $6.3 billion hack.
Major cryptocurrencies see modest gains with ZEC up 3% to nearly $1,280, while ether surpasses $2,300 and BNB nears $713 in calmer markets.
Macro factors—Federal Reserve's stance, U.S. midterm election results, and tech stock volatility—continue to drive risk sentiment and liquidity constraints in crypto markets.

Asian rebound lifts crypto prices

As reported by CoinDesk, bitcoin rises about 1% to roughly $78,600 in Monday morning trading in Asia, marking a third straight day of gains as investors return to risk assets after Friday's rout in U.S. technology shares.

ZEC leads major cryptocurrencies with a 3% gain to nearly $1,280. Ether and BNB each add nearly 2%, with ether just above $2,300 and BNB around $713, while XRP and TRX rise about 1%; SOL trails the group and is little changed near $95.

Trading is calmer after Binance disclosed a $6.3 billion hack last week, the largest theft from a crypto exchange on record, which had pushed prices lower. Bitcoin falls to about $77,600 late Sunday before buyers lift it back above $78,500 within hours.

Macro signals and elections remain in focus

Broader markets are also recovering. The Nasdaq 100 drops 3.5% on Friday, its worst session since June, while the Philadelphia Semiconductor Index plunges 7%; by Monday, futures on the S&P 500 and Nasdaq 100 each climb at least 0.4%, and benchmarks in South Korea, Hong Kong and Japan move higher.

Chinese stocks also advance after a report says regulators will meet banks and brokerages on Monday to discuss ways to support the market. Brent crude falls 3% to about $110 a barrel after a report says President Donald Trump wants to give diplomacy with Iran more time before potentially resuming strikes after Tuesday's midterms, while gold rises about 1% to roughly $3,910 an ounce.

Jeff Mei, chief operating officer at crypto exchange BTSE, says last week's Federal Reserve commentary suggests macro pressures will keep interest rates high over the next few months, weighing on liquidity for bitcoin and other cryptocurrencies. He adds that traders are watching whether technology stocks rebound or extend their decline, and says U.S. midterm election results, which begin to emerge during Wednesday's Asian trading hours, could also influence oil prices, inflation pressures and sentiment toward stocks and crypto.

In our earlier article on the Nasdaq 100 (NDX) and the launch of the JQQQ blockchain-native fund, we covered how Janus Henderson and Centrifuge are using public blockchain infrastructure to provide digital access to Nasdaq-100 exposure. We also noted that, despite this structural milestone, the index was under short- and medium-term selling pressure, with key levels around 29,394 as resistance and 29,143 as a downside trigger—highlighting how equity volatility can spill over into broader risk assets.

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