Bitcoin after a 7% October drop: what to watch at the US open
In short
- At 8:06 a.m. Sofia time Bitcoin was at $76,781 (€68,457), down 2.4% in 24 hours and 3.9% in a week. It lost more than 7% in October.
- The Binance hack of October 29 was about $6.3bn. The full proof of reserves is due by today (UTC).
- In stocks, watch Marvell (−12.7% on Monday) and Lumentum (−18.6%) after their $115bn deal, plus the reaction to Apple and Palantir results.
Ahead of the Wall Street open (9:30 a.m. ET) Bitcoin sits close to $76,000, the level it fell to after the Binance hack. This is a preview of what to watch, not of the session’s results.
What happened
Bitcoin lost more than 7% in October. After the Binance hack the price dropped to around $76,000, and it traded in a $77,000–$78,000 range over the weekend. US spot Bitcoin ETFs had outflows of $643.2m on October 30, and net redemptions for October came to about $516m.
The FBI attributed the theft to North Korea’s TraderTraitor group (alert of October 31). Binance said that by Monday it had replaced about 95% of the affected assets and was reopening withdrawals in phases. According to Reuters, net customer withdrawals were about $4.72bn. The full proof of reserves is due by Tuesday, November 3 (UTC). It is not a full audit of assets and liabilities.
In stocks, the focus is on Marvell and Lumentum. Marvell agreed to buy Lumentum in an all-stock deal valuing the company at about $115bn: each Lumentum share converts into 4.5 Marvell shares. On Monday Marvell closed down 12.72%, Lumentum down 18.59%, Oracle down 8.76% (after announcing a $10bn share offering) and Micron down 5.78%.
Apple and Palantir reported after Monday’s close: Apple’s revenue was $114.5bn (+12%) and Palantir’s $2.313bn (+96%). How shares react at the open will only be known then. JOLTS data follow at 10:00 a.m. ET, and AMD and Super Micro report after the close.
What it means for you
The maths: $1,000 at $76,781 per Bitcoin buys about 0.01302 BTC. A 2.4% daily move on that sum is about $24, and the 3.9% weekly fall about $39. These figures use HawkValue data from 8:06 a.m.
See also: live crypto prices and stocks. Earlier: Binance sees $3.6bn net outflow as proof of reserves nears.
Bottom line
Bitcoin is near its post-hack level, and in stocks the chip names are in focus after the Marvell deal. The market’s real reaction will show after 9:30 a.m. ET, and we will write it up tomorrow morning.
Sources: crypto.news · FinChannel · Bitcoin.com · TradingKey · Schwab · HawkValue data at 8:06 a.m.
For information only. This is not investment advice.
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