The theft of $6.3 billion from Binance in just 20 minutes could not have come at a worse time. Nasdaq (QQQ) fell by 3% that day, heightening fears.
The biggest crypto heist in history sent Bitcoin (BTC-USD) prices sharply lower. It fell from the $80,000 range to a low of around $76,000.
On the weekend, Binance posted on its recovery update #3 that it replenished 90% of the stolen assets. To restore confidence in the digital currency, Binance said that all BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC are fully backed 100%. It will continue to cover the remaining 10%. Moreover, the firm reaffirmed that it would absorb the financial impact of these stolen funds.
Binance’s statement should stabilize Bitcoin, instead of causing the mini “crash” to continue. The crypto’s decline did not help precious metals last week. Instead, the U.S. dollar index (UUP) held steady. Gold (GLD) fell by 2.95%, closing at a fresh 52-week low. Silver (SLV) fared poorly, too. The ETF fell by 8.5% to close at a low as well.
Crypto stocks like Strategy (MSTR) might pull back after forming a downtrend from its $165 level reached in late September. In contrast, Coinbase (COIN), a crypto platform, risks falling by more.
Coinbase fell after it posted results. Investors gave little thought to the firm’s plans to have AI agents as a potential growth vector.
