Bitcoin is grinding toward $78,000 after the Binance hack pushed it to a six-week low of $76,100. Most altcoins stayed sluggish, while LIT rocketed by over 16%.
Bitcoin is fighting to reclaim the $78,000 level, gaining almost $2,000 since it hit a new six-week low of $76,100. The recovery follows the largest crypto hack in USD terms.
Binance hack drives Bitcoin to a six-week low
The rejection at $85,000 on October 21 started a more profound correction that began with a dive to $79,200 last Saturday. Bulls helped BTC recover $2,000 on Sunday and Monday, but the asset dipped below $80,000 once again.
Bitcoin then surged to almost $82,000 in the hours before the FOMC meeting. After the Fed left interest rates unchanged, BTC dipped below $80,000 before it jumped back to $81,900.
Then news broke that Binance was a hack victim, with losses exceeding $6 billion. Bitcoin nosedived to $76,400, bounced two grand higher and dipped again to $76,100.
Bitcoin's market cap has returned to $1.560 trillion on CMC, and its dominance over the alts is just shy of 60%.
LIT leads a sluggish altcoin market
Ethereum is up by just over 1% in a day and trades at $2,270. BNB sits close to $710, XRP is back at $1.25, and SOL continues to struggle at $95. TRX has slumped by nearly 5% to $0.31.
LINK, LTC, and UNI have posted gains of 3-4%, while AVAX is up to $8.8. The biggest gainer is LIT, which has rocketed by over 16% and sits well above $3.10.
The total crypto market cap has added $20 billion since yesterday and is up to $2.620 trillion on CMC.
Source: CryptoPotato
Trading involves risk.
Risk Disclaimer
