Binance Hacked for $6.3B, Fed Holds Rates, Bitcoin Crashes to 6-Week Low: Weekly Crypto Recap

Although all crypto eyes were on the Federal Reserve FOMC meeting on Wednesday and a few other major macro events, none of those were the moment of the week.

But first, let’s see how the week actually unfolded, starting from our previous market update from last Friday. At the time, BTC was fighting to stay above the key $80,000 support after getting rejected at $85,000, and investors braced for the FOMC meeting. Somewhat surprisingly, BTC dipped to a five-week low on Saturday at $79,100 before rebounding $2,000 on Sunday.

However, it couldn’t really maintain its position above $80,000 and dipped on a few more occasions by Tuesday. The bulls went on a mild run ahead of the FOMC meeting, pushing the asset to $81,700. It dipped before the meeting and jumped again to $81,800 after the central bank paused interest rate hikes as expected.

Another rejection followed, and BTC dropped to $80,500 on Thursday. The real impact came a day later, early on Friday morning, when reports emerged that the world’s largest crypto exchange had fallen victim to a major hack. Later on, the company confirmed the news, while on-chain data showed that the losses were somewhere around $6.3 billion, even though several entities, including Tether, froze roughly $3 billion.

This became by far the largest hack in the crypto industry. Naturally, bitcoin and almost all alts tanked, with the leading crypto asset dropping to a six-week low of $76,400 before rebounding by a grand. BNB dumped below $700, while SOL has slumped by over 7%. The liquidations skyrocketed to $1.5 billion, while the number of wiped-out traders jumped to over 235,000 on a daily scale.

Market Data

Cryptocurrency Market Overview Weekly - October 30. Source: QuantifyCrypto — Cryptocurrency Market Overview Weekly – October 30. Source: QuantifyCrypto

Market Cap: $2.690T | 24H Vol: $152B | BTC Dominance: 57.8%

BTC: $77,380 (-5.1%) | ETH: $2,225 (-7.4%) | XRP: $1.25 (-4.5%)

This Week’s Crypto Headlines You Can’t Miss

Ripple Clears Final OCC Hurdle for National Trust Bank. Ripple had a massive week, and perhaps the OCC approval stands out at the top. Company CEO Brad Garlinghouse announced that the Office of the Comptroller of the Currency has granted the final green light for the establishment of Ripple National Trust Bank.

Your Trezor Could Be Compromised: Company Issues Urgent Warning to Customers. One of the leading hardware wallet manufacturers warned customers who bought some of its devices from CryptoBilis on or after March 2026 to move their funds to a newly created wallet with a new seed as soon as possible.

Polymarket Trading Disrupted After Users Report $2.6M in Losses. Hours before the massive Binance hack, Polymarket admitted that bad actors drained over $2.6 million from user accounts. The platform went into cancel-only mode for a while, and Polymarket said an external provider was compromised, not its internal infrastructure.

Bitcoin Sees Biggest Exchange Outflow in Five Weeks Ahead of Fed Decision. In just a single day before the key FOMC meeting, on-chain data showed that bitcoin investors had withdrawn almost 15,000 units from exchanges. The company said this was the largest daily net outflow in five weeks.

Strive Makes Largest-Ever Bitcoin Purchase With 6,182 BTC Buy. The Matt Cole-led company announced its most significant bitcoin purchase to date, accumulating 6,182 units for over $510 million. Meanwhile, the largest corporate holder of the cryptocurrency stood on the sidelines.

HYPE Price Rises 15% Following NYSE Plan to Bring Hyperliquid Perps to the US. Although most altcoins are deep in the red this week, the graph above shows that HYPE has clearly defied that trend. The asset exploded by 15% yesterday after ICE agreed to operate Trade[XYZ]’s Hyperliquid-based perpetual futures in the US.