A $6.3 Billion Hack Tested Bitcoin's Bull Market. 3 Signs It Passed

What happened

A $6.3 billion crypto hack hit Binance on October 29 and drained 10 blockchains. Binance pledged to cover all losses and began phased withdrawals on November 1. Bitcoin nevertheless closed the week down 2.9%, while its weekly closes remained above its 50-week moving average for a seventh straight week.

Confirmed

Global impact / market context

The limited weekly decline suggests the hack did not trigger a broad, immediate rush to sell Bitcoin, while Binance’s pledge to cover losses may have reduced fears of losses spreading to customers. If that confidence holds, steadier trading could help limit pressure on crypto businesses’ transaction revenue and customer activity.

Analyst inference

The article compares Bitcoin’s 2.9% weekly fall with gold’s 3% decline and the 25% drop after the FTX collapse in 2022. Those comparisons suggest limited immediate price damage, but a short period of resilience does not establish that the broader bull market will continue.

Analyst inference

What to watch

1. Watch whether Binance completes its phased withdrawals and honors its pledge to cover all losses; either outcome could affect customer confidence and trading activity across crypto markets. Analyst inference
2. Track Bitcoin’s weekly closes relative to its 50-week moving average, an average price over 50 weeks that the article identifies as a longer-term trend signal. Analyst inference
3. The article says one group of investors remains cautious ahead of US midterm elections, but does not identify the group or explain how the elections could affect Bitcoin. Confirmed

Affected assets

• BTC — Bitcoin

Evidence

• beincrypto.com