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02.11.2026 10:28 AM
19% FTX drop, 4% Binance loss — yet no market panic

Bitcoin rose by about 1% today, recouping part of the losses from the largest theft in crypto history. Still, the asset remains roughly 4% below Thursday's highs before Binance disclosed the hack. The token briefly dipped below $77,000 earlier, but buyers quickly stepped in. Given the scale, roughly $6.3 billion taken from exchange wallets, the muted market reaction surprised many.

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Bitcoin's resilience reflects how quickly Binance moved to absorb the hit. The exchange immediately pledged to cover the losses, removing the primary fear — insolvency. Clearly, Binance has the balance sheet capacity to make good on that promise. That helps affected users and supports the token, though it frustrates leveraged sellers who expected a deeper liquidation.

Compare this with 2022: following FTX's collapse, Bitcoin plunged by 19% in three days because that episode involved a move from liquidity shortfall to bankruptcy and clear fraud. Today's event is different. The market treated the Binance incident as an operational shock, not a systemic collapse. TRM Labs has linked this hack — and the Bybit heist in 2025 (~$1.5B) — to the North Korean group "TraderTraitor." While the theft's scale is roughly four times larger this time, the price reaction was far softer.

I view the bounce toward $78,000 as fragile, not a confirmed reversal. The Bybit case is instructive: initial reactions were muted, and a week after that attack, Bitcoin still ended up about 14% lower. Add the US elections on Tuesday, which could influence crypto regulatory legislation, and a return to selling pressure and another test of the $77,000 zone is plausible in the coming days. A confident close above $80,000 will likely require both a favorable electoral outcome for crypto policy and a reduction in option-based demand for protection.

Technical analysis and recommendations

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Bitcoin

Buyers are targeting a move back to $78,500, which would open a path to $79,900 and then toward $81,700. A break above which would signal attempts to restore the bull market. On the downside, look for buyer interest near $76,900. A decisive break below that area could push BTC toward $75,300, with a deeper target at about $72,800.

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Ethereum

Consolidation above $2,331 would open a route to $2,398, with a further target around $2,455. A break above this level would confirm strengthening bullish sentiment and renewed buyer interest. On the downside, buyers should step in near $2,276. A break below that level could drive ETH toward $2,230 and, on extended weakness, to about $2,176.

What's on the chart:

  • Red: support and resistance zones where the price may either slow or accelerate
  • Green: 50-day moving average
  • Blue: 100-day moving average
  • Light green: 200-day moving average

Crosses of — or the price tests of — these moving averages typically either halt moves or set the next market impulse.

Jakub Novak,
Analytical expert of InstaForex
© 2007-2026
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