All eyes in the past week were on the US midterms that took place on Tuesday, and financial markets have yet to settle following the major volatility experienced after their conclusion.
But first, let’s review how we got there. Binance was hit with the largest hack in USD terms last Friday morning when reports emerged that the exchange suffered losses of around $6.3 billion. Bitcoin and (almost) all altcoins reacted with immediate leg downs, with the leading crypto asset plunging to $76,000. However, it recovered a few grand over the weekend, perhaps because of Binance’s promises to cover all user losses.
The cryptocurrency used the previous weekend to regain some traction, and even challenged the $79,000 resistance on Monday. However, it was quickly rejected there before the actual storm arrived on Tuesday. The asset stood at $78,000 before the election results started to pop up, but once it became known that the Democrats would win in every part that matters, BTC, alongside Wall Street futures, tanked.
Bitcoin plunged to $75,600 for the first time in seven weeks. However, once the election uncertainty disappeared, BTC and Wall Street headed north on Wednesday afternoon, with the leading cryptocurrency rocketing to $81,000 within an hour or so. Although it was stopped there, it still managed to remain above $80,000 for the next 18 hours or so.
Then came the massive Thursday crash. Once again, BTC was not an isolated case as it moved in tandem with Wall Street. Nevertheless, the leg down was extremely painful to $75,000. It was exacerbated today when the US jobs report was published, and it smashed expectations, with BTC dumping to $74,800 for the first time since the breakout rally in mid-August began.
Although it has rebounded by nearly a grand since then, BTC is still 3% down weekly. Even more painful declines are evident from XRP, TRX, NEAR, HYPE, XLM, and BCH. ZEC has managed to defy the trend.
Market Data
Market Cap: $2.640T | 24H Vol: $106B | BTC Dominance: 57.2%
BTC: $75,550 (-3%) | ETH: $2,210 (-0.4%) | XRP: $1.19 (-5.9%)
This Week’s Crypto Headlines You Can’t Miss
Are Users Returning? Binance Gains $3.4B in Tracked Assets After Hack. On-chain data pointed to a few days after the hack unraveled that Binance’s tracked assets had increased by over $3.4 billion, hinting that the exchange might be seeing users rush back. Meanwhile, North Korea refuted the allegations that it was behind the massive incident.
Strategy Resumes Bitcoin Accumulation by Adding 810 BTC. The world’s largest corporate holder of bitcoin made its most substantial purchase in weeks, acquiring 811 BTC, while also repurchasing $208 million worth of STRC. Strive also bought more BTC, but its acquisition was significantly lower than the previous week’s.
CLARITY Act Could Face 2-Year Delay After Republican Midterm Losses: Analyst. The consequences for crypto from the Democratic sweep are yet to unfold, but some analysts believe the highly anticipated CLARITY Act could be delayed at least a couple of years.
Report: Democrats Considering New Crypto Market Structure Bill. In contrast, reports emerged later on that House Democrats are working on drafting a broader crypto market structure bill to enhance SEC oversight and consumer protections following the elections.
Mercado Bitcoin Assures Users Won’t Lose Funds Following $38M Security Breach. Binance was not the only exchange to fall victim to a major hack. Brazil’s Mercado Bitcoin suffered a $38 million exploit but, like Binance, promised to make users whole.
OKX-ICE Tokenization Plan Faces Objections From Dozens of Companies. Over 60 publicly traded companies, including major players such as Apple and Boeing, have objected to the plans from OKX and ICE to tokenize their shares. Their concerns range from potential impact on share prices and liquidity issues to shareholder rights amid ongoing regulatory evaluation.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid – click here for the complete price analysis.
The post Bitcoin Sinks to 11-Week Low After Democratic Sweep and Wall Street Crash: Weekly Crypto Recap appeared first on CryptoPotato.
