CoinDesk
Bitcoin rose about 1% to roughly $78,600 in Monday’s Asian trading, extending its gains to a third consecutive day as Asian stocks and US futures rebounded. The recovery followed a dip to about $77,600 late Sunday, with buyers pushing BTC back above $78,500 within hours. Crypto markets had fallen after Binance disclosed a $6.3 billion hack last week, described as the largest theft from a crypto exchange on record.
Why it matters
The bounce is part of a wider return to risk after Friday’s selloff in US technology stocks. The Nasdaq 100 fell 3.5%, its worst session since June, while the Philadelphia Semiconductor Index dropped 7%. By Monday, S&P 500 and Nasdaq 100 futures were up at least 0.4%, and benchmarks rose in South Korea, Hong Kong and Japan.
The recovery has not removed macro risks. BTSE chief operating officer Jeff Mei said elevated interest rates could weigh on liquidity for Bitcoin and other cryptocurrencies over the next few months. Investors are also watching US midterm elections, with results expected to begin arriving during Wednesday’s Asian trading hours. The CLARITY Act, which would define how US crypto markets are regulated and which agencies oversee tokens, is part of the political backdrop.
Market impact
Among major tokens, ZEC led with a 3% rise to nearly $1,280. Ether and BNB each gained nearly 2%, to just above $2,300 and about $713, respectively. XRP and TRX rose about 1%, while SOL was little changed near $95.
Oil and gold moved in opposite directions: Brent fell 3% to about $110 a barrel after a report that President Donald Trump wants to give diplomacy with Iran more time, while gold rose about 1% to roughly $3,910 an ounce. For crypto, the near-term test is whether technology stocks continue to recover and whether election-related developments alter expectations for rates, inflation or regulation.
Frequently asked questions
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How far did Bitcoin fall before recovering?
Bitcoin dipped to about $77,600 late Sunday before buyers pushed it back above $78,500 within hours.
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Which major crypto assets outperformed Bitcoin?
ZEC led major tokens, rising 3% to nearly $1,280. Ether and BNB each gained nearly 2%, while XRP and TRX rose about 1%.
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What does the CLARITY Act address?
The CLARITY Act would set rules for US crypto market regulation, including which agency oversees which tokens.
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Why are investors watching US midterm elections?
Election results could affect markets and the prospects for the CLARITY Act. Results are expected to begin arriving during Wednesday’s Asian trading hours.
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What macro risk could weigh on crypto liquidity?
BTSE chief operating officer Jeff Mei said elevated interest rates could weigh on liquidity for Bitcoin and other cryptocurrencies over the next few months.
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