Crypto market cap slips to $2.7T as October ends with Binance hack sell-off
Crypto's total market cap fell about 10% in October to $2.7T, with BTC and ETH sliding further after a reported Binance hack, Bitcoin.com News says.
The crypto market closed October about 10% lower, with total capitalization sliding from $3 trillion at the start of the month to $2.7 trillion, according to Bitcoin.com News. The outlet said a sell-off tied to a hack at Binance deepened losses in the last week of the month.
The drop stood out because October has historically been a strong month for crypto, including for bitcoin, the report noted.
Bitcoin and ether lose ground
Citing seven-day CoinGecko data, Bitcoin.com News said BTC fell 3.3% in the final week of October. That left it down 11% for the year and erased the upward trend that began in August. Bitcoin had come close to returning to its year-opening price on Oct. 6, the report said.
The outlet said bitcoin was already weak before the Binance incident. It had dropped more than 7% after failing to break through resistance at $87,000 in the first week of October. Bitcoin.com News previously reported that this was bitcoin's weakest October since 2014 and its first back-to-back October decline since 2011–2012.
Ether fell harder over the month. After briefly topping $2,700, ETH declined steadily to $2,300 by Oct. 29, according to the report. The post-hack sell-off then pushed it below $2,190 before a relief bounce took it back above $2,200. ETH ended the week down nearly 4% and was down more than 15% over 30 days.
Altcoins mostly lower, with a few exceptions
Bitcoin.com News said solana (SOL) and cardano (ADA) had steeper weekly declines than the two largest assets, at 7% and 6.6%. Many other altcoins lost between 3% and 4% over seven days.
A few tokens went the other way. Hyperliquid's HYPE rose 13.6% for the week and came close to its all-time high on Oct. 29, according to the report. Zcash (ZEC) gained 0.6%, while LEO, QNT and UNI rose 4.6%, 2.5% and 2.3%.
Total market capitalization went from $2.8 trillion on Oct. 25 to $2.7 trillion on Nov. 1, the outlet said.
What traders may watch
The article is a market recap and gives few details on the hack itself. An excerpt from a linked story says billions of dollars in crypto were pulled from Binance wallets on Thursday, according to onchain data, but the excerpt is cut off. Traders may want to look for further details from Binance and onchain analysts on the scale of the incident.
Bitcoin.com News said the weak October has raised concern about bitcoin's November outlook. The $87,000 resistance level that bitcoin failed to clear early in October is one reference point the report mentions. Relative strength in HYPE, which stood out in a falling market, is another.
Sources
Written with AI assistance from the sources above and checked against them. Not investment advice.