Crypto Market Today, Oct. 30: Bitcoin Tests Key Support as Binance Hack and Tech Sell-Off Rattle Markets - Yahoo Finance
Bitcoin fell 1.18% to $76,870.01 on October 30, with Ethereum and Solana also declining as markets react to a $6.3 billion Binance hack and tech stock sell-off.
As of early evening on October 30, Bitcoin (CRYPTO:BTC) fell 1.18% to $76,870.01, Ethereum (CRYPTO:ETH) declined 0.43% to $2,239.10, and Solana (CRYPTO:SOL) dropped 0.57% to $94.94. The broader cryptocurrency market remains under pressure following a $6.3 billion hack of Binance, the world's largest cryptocurrency exchange.
The breach, believed to be the largest theft in crypto history, triggered widespread selling and a wave of forced liquidations totaling approximately $1.57 billion. Binance has taken steps to stabilize the situation, freezing approximately $3 billion in stolen assets with the help of industry partners and setting aside more than $6.34 billion in company funds to cover losses.
ETF Impact
Spot Bitcoin ETFs fell sharply, including iShares Bitcoin Trust ETF (NASDAQ:IBIT) down 5.14% and Fidelity Wise Origin Bitcoin Fund (NYSEMKT:FBTC) down 5.07%, while iShares Ethereum Trust ETF (NASDAQ:ETHA) dropped 4.47% as the risk-off tone spilled into listed funds.
Market Outlook
The broader cryptocurrency market can't catch a break as it extends a period of heightened volatility that has persisted for several weeks. Already shaken by the Binance hack, investors are now contending with a sharp sell-off in technology stocks that has added further pressure to risk assets.
For Bitcoin, the $75,000 level represents an important area to watch. A sustained break below it could open the door to further downside. However, despite the recent weakness, many altcoins remain well above their summer lows following a strong rally.
For now, the market needs time to absorb these developments. With uncertainty elevated and sentiment fragile, investors may need to let the dust settle before a more decisive move in either direction takes shape.
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