Bitcoin Steadies Near $78,000 as Binance Withdrawals Resume

Bitcoin traded at $77,926 at 11:02 UTC on Monday, according to CoinGecko data, about 2% above its post-Binance hack low near $76,100, by Unchained’s calculation. Ether changed hands at $2,285.83.

That low came on Friday afternoon, Oct. 30, when Coinbase’s BTC-USD market touched $76,141 at 18:50 UTC, exchange data show.

The rebound held even as U.S. spot bitcoin ETFs posted net outflows of $643.3 million on Friday, according to SoSoValue data. BlackRock’s IBIT accounted for $233.7 million of that, and Fidelity’s FBTC for $201.0 million. Friday was the first U.S. session since the hack, which began after Thursday’s market close, according to the timeline Chainalysis published.

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The steadier trading came as Binance began reopening withdrawals in stages at 06:00 UTC on Sunday, Nov. 1. From 06:00 to 15:30 UTC, users pulled $4.649 billion and deposited $1.01 billion, a net outflow of about $3.64 billion, the exchange said. Binance put that at 2.1% of the $171 billion in total assets it held for users as of its Oct. 28 proof-of-reserves report.

After an initial spike, withdrawals “have declined and are stabilising as expected,” Binance said, adding, “Rest assured that market conditions are stable.”

The Iran question hangs over Tuesday’s U.S. midterm elections. Israeli Prime Minister Benjamin Netanyahu has pressed President Donald Trump to strike Iran right after the vote, Axios reported. Trump would rather let talks with Tehran run their course for now. He told reporters on Saturday that negotiations were “going fine” and that he was not “in much of a hurry.” Secretary of State Marco Rubio said no decision has been made, Iran International reported.

Brent crude futures, meanwhile, traded at $108.46 at 10:53 UTC on Monday, about 4% below Friday’s close, according to Yahoo Finance data.

Related Listen: How the 50-Week Moving Average Signals Bitcoin’s Bear Market Is Over

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