Bitcoin has fallen to around $76,000. Following a massive hacking incident at Binance, the world's largest cryptocurrency exchange, investor sentiment has soured. This decline is further exacerbated by weakness in U.S. tech stocks and outflows from Bitcoin spot exchange-traded funds (ETFs).
As of 8 a.m. on November 3, Bitcoin was trading at $76,768.33, down 1.22% from the previous day, according to CoinMarketCap. Compared to a week ago, it has decreased by 3.88%.
The ongoing weakness in Bitcoin is attributed to the repercussions of the Binance hack that occurred on October 30, where approximately $6.3 billion worth of cryptocurrency was stolen. This incident has led to a wave of customer withdrawals, spreading anxiety throughout the cryptocurrency market.
Institutional investors are also pulling back. On October 30, about $643 million flowed out of U.S. Bitcoin spot ETFs, marking the largest outflow since June. Additionally, concerns over the expansion of artificial intelligence investments have contributed to a downturn in U.S. tech stocks, further dampening risk appetite. On the previous night, the Nasdaq index fell by 1.1%, while the S&P 500 dropped by 0.5%.
Major altcoins are also generally experiencing declines. Ethereum, the second-largest cryptocurrency by market capitalization, is trading at $2,252.38, down 0.21% from the previous day. Binance Coin (BNB) has decreased by 1.12% to $698.20, and Solana is down 1.92% at $91.98. In contrast, Ripple (XRP) has seen a slight increase of 0.21%, trading at $1.24.
In domestic exchanges, Bitcoin is also on a downward trend. At the same time, Upbit reported Bitcoin trading at 10,366,700 won, down 1.13% from the previous day. The 'Kimchi Premium,' which indicates how much higher Bitcoin is traded in South Korea compared to overseas, stands at 0.289%.
* This article has been translated by AI.
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