Crypto markets found some footing on Oct. 31, the second day after the Binance hack, after another dip in Asian trading. Bitcoin touched a low of $76,360, its weakest level in nearly 14 days, before rebounding to $77,569, up 0.45% over the past 24 hours. Ether climbed back from a low of $2,174 to $2,249.81, returning to the $2,250 area with a 1.16% gain.
SOL rose 1.92% to $96.77, while XRP gained 2.83% to $1.2601. The Fear and Greed Index stood at 30, unchanged from the previous day and still in the fear zone. Over the past eight days, the index has ranged from 30 to 54, pointing to cautious market sentiment.
Liquidations drop to $573 million in 24 hours
According to CoinGlass, total liquidations across the crypto derivatives market reached about $573 million over the past 24 hours. Long liquidations accounted for $413 million, or about 72%, while short liquidations totaled $160 million. In all, 105,415 traders were liquidated.
The largest single liquidation took place on Binance’s BTCUSDT contract, where a short position worth about $11.43 million was liquidated at $77,954.56. Compared with the day of the hack, liquidation pressure had eased noticeably.
Binance fallout remains the main driver
The Binance hot wallet breach continued to dominate sentiment. Binance founder CZ said in a post at 00:01 Taipei time on Oct. 31 that the incident amounted to about $6.36 billion in dollar terms, making it one of the largest hacks on record. Measured in bitcoin, however, the loss was about 18,270 BTC, far below the 650,000 BTC stolen from Mt. Gox, which accounted for more than 5% of total supply.
CZ said the damaged party was Binance itself and that user assets were not affected. He added that Binance would fully cover the losses through its SAFU fund and company funds. On-chain data showed the attacker obtained about 18,270 BTC and about 420,000 ETH. Ecosystem partners including Tether, Circle, and the Arbitrum Security Council had frozen about $3 billion in assets. Binance had not yet announced when deposits and withdrawals would fully resume.
On the same day, Taiwan’s central bank and financial regulator also issued warnings to investors over the incident.
Altcoins stabilize with SOL and XRP rebounding
As major tokens steadied, altcoins also recovered. SOL traded at $96.77, with a 24-hour high of $98.59 and a low of $93.16. XRP traded at $1.2601, with a high of $1.2739 and a low of $1.2002. Both tokens regained ground after sharp swings in the previous session.
Technical indicators remain weak
Based on the latest completed daily candle, Bitcoin closed at $77,369 on Oct. 30 UTC. Its relative strength index, or RSI, stood at 34.4, indicating a weak reading. The close was below the 20-day simple moving average at $81,421 and the 50-day simple moving average at $81,953, but above the 200-day simple moving average at $73,162. MACD remained in a bearish alignment, and the histogram widened from the previous day, showing stronger downside momentum. The close was near the lower Bollinger Band at $78,195.
Bitcoin resistance levels were listed at the lower Bollinger Band of $78,195, the 20-day SMA at $81,421, and the 50-day SMA at $81,953. Support levels were the Oct. 30 low of $76,326 and the 200-day SMA at $73,162.
Ether closed at $2,246 on Oct. 30 UTC. Its RSI stood at 30.1, also in weak territory. The close was below the 20-day SMA at $2,396 and the 50-day SMA at $2,527, while remaining above the 200-day SMA at $2,160. MACD stayed bearish and downside momentum strengthened. The close was near the lower Bollinger Band at $2,252.
Ether resistance levels were the lower Bollinger Band at $2,252, the 20-day SMA at $2,396, and the 50-day SMA at $2,527. Support levels were the 30-day low of $2,174 and the 200-day SMA at $2,160.
Fear index stays at 30 as U.S. stocks slide
The Fear and Greed Index from alternative.me came in at 30 on Oct. 31, unchanged from the previous day and still in the fear zone.
U.S. stocks closed sharply lower on Oct. 30 on concerns about AI spending. The S&P 500 fell 1.82% to 7,580.07, its worst single-day performance since June. The Nasdaq dropped 2.86% to 25,437, the Dow Jones Industrial Average lost 1.09% to 51,770.31, and the Philadelphia Semiconductor Index sank 7.2%.
Intel plunged 28.6% after issuing guidance that missed expectations, marking its biggest one-day drop since 1974. Amazon’s earnings also deepened concerns about returns on AI capital spending. BlockTempo said crypto markets remained relatively resilient despite pressure from both the Binance incident and the sell-off in U.S. equities. The next points in focus are Binance’s timeline for restoring deposits and withdrawals, efforts to recover stolen on-chain funds, and broader risk-off sentiment ahead of the U.S. midterm elections on Nov. 3.
