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Bitcoin climbed about 1% to roughly $78,600 in Monday morning Asian trading, its third consecutive daily gain, after falling to about $77,600 late Sunday. The rebound came as other cryptocurrencies and Asian stocks recovered following a reported $6.3 billion Binance hack, while interest rates and U.S. election developments remained market concerns.
Bitcoin rose about 1% to roughly $78,600 in Monday morning Asian trading, its third consecutive day of gains, as cryptocurrency and stock markets steadied after last week’s reported $6.3 billion Binance hack. The price recovery followed a dip to about $77,600 late Sunday and brought bitcoin closer to, but still below, $79,000.
Prices across major cryptocurrencies also advanced, according to CoinDesk data. Zcash (ZEC) gained 3% to nearly $1,280, while ether and BNB each rose almost 2%, trading just above $2,300 and around $713, respectively. XRP and TRX added about 1%; Solana was little changed near $95. These figures describe the market at the time of the report, not a lasting change in prices.
The recovery followed a sharp drop late Sunday, when bitcoin fell to about $77,600 before buyers pushed it back above $78,500 within hours. CoinDesk reported that Binance disclosed a $6.3 billion hack last week, describing it as the largest theft from a cryptocurrency exchange on record. The report said the disclosure had weighed on prices, but did not provide further details about the incident or how the loss was calculated.
Stocks also rebounded after a difficult Friday for technology shares. The Nasdaq 100 fell 3.5% that day, its worst session since June, and the Philadelphia Semiconductor Index dropped 7%. By Monday, S&P 500 and Nasdaq 100 futures were up at least 0.4%, while benchmarks advanced in South Korea, Hong Kong and Japan. The report also said Chinese shares rose after news of planned discussions between regulators, banks and brokerages about market support.
Bitcoin’s Recovery Tracks Risk Appetite
The price move matters because it shows bitcoin recovering alongside technology shares and other risk-sensitive markets after a security shock. That pattern does not establish that investors have moved past the hack: a few days of gains are a short-term market signal, and the reported incident remains a potential source of concern for confidence in crypto platforms.
The rebound is also measured against a specific threshold. Bitcoin at about $78,600 remained below $80,000, and the supplied report does not show that the price had returned to its level before the selloff. Readers should treat the quoted prices as a snapshot from Asian trading, not as a settled direction for the week. Cryptocurrency prices can change rapidly, and investors can lose money.
Broader conditions could shape whether the recovery continues. BTSE chief operating officer Jeff Mei told CoinDesk that high interest rates could reduce liquidity for bitcoin and other cryptocurrencies over the coming months. Separately, the report pointed to technology shares and the U.S. midterm elections as near-term market signals. Those factors may influence sentiment, but their impact on prices is uncertain.
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From Sunday’s Dip to Asian Gains
The reported sequence began with the Binance hack disclosure last week, which CoinDesk said knocked crypto prices lower. Bitcoin then fell to about $77,600 late Sunday before recovering above $78,500 within hours. By Monday morning in Asia, it was near $78,600, marking a third straight daily gain. The source gives these figures as approximate market observations and does not specify a longer-term comparison window.
Market conditions beyond crypto were mixed at the end of the previous week. Along with steep Friday declines in U.S. technology and semiconductor shares, Brent crude fell 3% to about $110 a barrel on Monday after a report said President Donald Trump wanted to give diplomacy with Iran more time before potentially resuming strikes after Tuesday’s midterms. Gold rose about 1% to roughly $3,910 an ounce, rebounding from its lowest close in more than a year on Friday.
The political calendar is relevant because U.S. polls close on Tuesday night, with results expected to begin arriving during Wednesday’s Asian trading hours. Mei also referred to the CLARITY Act, a U.S. bill that would establish rules for crypto-market regulation, including which agency oversees different tokens. The source does not give details of the bill’s legislative status or the election’s likely outcome.
“Given last week’s Fed commentary, macro pressures will continue to keep interest rates high, which will weigh on liquidity for Bitcoin and other cryptocurrencies over the next few months.”
— Jeff Mei, chief operating officer at crypto exchange BTSE, in an email to CoinDesk
Hack Details and Price Direction
The source report does not explain the method, timing or scope of the $6.3 billion hack disclosure, nor does it provide details about affected accounts, assets, recovery efforts or Binance’s response. It identifies the incident as the largest exchange theft on record, but the supplied material does not include supporting figures or an independent assessment of that comparison.
It is also unclear whether Monday’s gains will continue. The report provides a brief price snapshot and links the recovery to improving market sentiment, but does not establish a single cause or show that the hack’s effect has passed. Interest rates, technology-share performance, election results and developments involving Iran could all affect markets; their effects remain uncertain.
Mei’s comment that a small stock rebound could suggest a market bottom is expressly conditional. The source offers no confirmation that bitcoin or technology stocks have reached one. It also does not establish how the midterm results will affect the CLARITY Act, oil prices or crypto markets.
Election Results and Market Signals
Investors will be watching technology-stock performance and the U.S. midterm results as polls close Tuesday night and results begin arriving during Wednesday’s Asian trading hours. The report identifies both as potential market signals, but gives no forecast of the outcome or its likely effect on bitcoin.
Market participants will also monitor interest-rate expectations and further information about the Binance incident. For now, the confirmed price update is a short-term recovery to around $78,600—not a return above $79,000 or evidence that market risk has receded. Bitcoin and other cryptocurrencies remain volatile, and their prices can fall as well as rise.
Key Questions
How much was bitcoin trading for?
Bitcoin was at roughly $78,600 during Monday morning Asian trading, up about 1% at the time of the CoinDesk report. It remained below $79,000.
What happened to bitcoin late Sunday?
Bitcoin dipped to about $77,600 late Sunday, then recovered above $78,500 within hours, according to the report.
What was the reported Binance hack?
CoinDesk reported that Binance disclosed a $6.3 billion hack last week and described it as the largest theft from a crypto exchange on record. The supplied report does not give details about the incident’s method, affected assets or recovery.
Why are investors watching U.S. midterm elections?
Polls close Tuesday night, with results expected during Wednesday’s Asian trading hours. BTSE’s Jeff Mei said the election could affect markets, but the report does not establish what the results will mean for crypto prices or U.S. crypto legislation.
Does the rebound mean bitcoin has reached a bottom?
No. Mei said a small rebound in technology stocks may indicate that a bottom has been reached, but that is a conditional view, not confirmation. Crypto prices are volatile and can decline, so the reported gains do not guarantee further recovery.
Source: coindesk.com
