Bitcoin Steadies Near $75,000 as Binance Hack Fallout Stays Contained

The market's reaction to the $6.3bn hack at Binance has been more restrained than many expected. Analysts say the exchange's pledge to cover the losses helped keep bitcoin's decline milder than after earlier breaches at Bybit and Coincheck. Attention is now shifting from the hack itself to US inflation data and Federal Reserve policy, and to how exchanges keep customer assets safe.

Markets at a glance

Bitcoin traded at $74,771 this morning, up 0.5% over 24 hours but down 2.7% over the past week. Its share of the total market stands at 59.6%, reflecting its relative resilience against the rest of the sector.

Ether was little changed on the day at $2,124, down 0.2%, and has lost 5.8% over seven days. XRP was the weakest of the large tokens over the week, falling 12.2% to $1.10, although it edged up 0.5% in the past 24 hours.

BNB, the token most closely tied to Binance, rose 0.9% to $690.68 and is down only 0.8% on the week. The stablecoins Tether and USDC held at $1.

Total crypto market capitalisation fell 1.5% over 24 hours to $2.52T. The Crypto Fear & Greed Index reads 32, in "Fear" territory, suggesting sentiment remains cautious despite the steadier prices among the largest assets.

The stories that mattered

Analysts say Binance's pledge to cover $6.3bn hack losses limited wider market damage. Bitcoin's drop after the breach was smaller than the moves that followed the Bybit and Coincheck incidents, according to analysts. They now regard US inflation figures and the Fed's policy path as the more important drivers of prices from here, rather than the hack itself.

Bitget launches Open Custody Network to separate trading from asset storage. The exchange says eligible users can trade on its venue while their assets are held with external banks and custodians. The model is aimed at reducing the risk of keeping funds on an exchange, though the level of protection it offers will depend on how settlement between the custodians and the trading venue is designed.

The launch arrives at a pointed moment. With a large exchange breach fresh in the market's mind, the question of where customer assets sit, and who controls them during trading, is likely to draw closer scrutiny from users and regulators alike.

Nvidia board opens independent inquiry into Jensen Huang after Chinese spy report. Directors say they see no sign that company secrets were compromised. Huang has admitted an affair, lawmakers are demanding answers, and the shares slipped 5% before Monday's open. The case matters beyond technology investors, given Nvidia's weight in broader risk sentiment.

What to watch

• US inflation data and Fed signals. Analysts now see these as the main drivers for bitcoin, ahead of any lingering effects of the Binance hack.
• Binance's reimbursement. The market's relative calm rests on the exchange's pledge to cover the $6.3bn in losses; how that commitment is delivered will be closely followed.
• Settlement design at Bitget. Details of how the Open Custody Network handles settlement between external custodians and the exchange will determine how much protection it actually provides.
• The Nvidia inquiry. Further findings from the independent review, and responses to lawmakers' questions, could weigh on wider market sentiment.