Bitcoin rises 1.1% to about $78,600 as markets steady after the Binance hack

The market today

Bitcoin traded at about $78,600, up 1.1% in 24 hours but still down 1.1% over the past week. Ethereum did a little better, rising 1.8% to about $2,307. The total crypto market is worth roughly $2.63 trillion, up 0.9% on the day, and Bitcoin makes up 60.1% of that.

The mood is still cautious. The Fear & Greed Index reads 37, which counts as Fear, though that is up from 34 yesterday. Breadth was split: 51 of the top 100 coins fell and 49 rose, so the gains were not broad.

Biggest movers

Among the larger coins, Zcash led with a 2.8% gain, while Chainlink fell 1.9%.

Outside the top 20, the swings were bigger. Official Trump rose 8.0% to about $1.71, helped a little by a 1.6% gain in meme coins. Beam climbed 7.6% and is up 78% on the week, reaching a 30-day high on very active trading. Kite added 6.1%, and Stable rose 5.4% to its highest price this week.

THORChain was the weakest, down 18.8% to about $0.505 on trading volume running at 2.1 times its monthly average. Plasma lost 14.2%. Collector Crypt fell 12.1% as its sector, real world assets, dropped about 37%. Rain slid 6.5% to a 30-day low.

What drove it

The biggest story was a record hack at Binance. After the exchange reopened withdrawals, news reports described very large sums leaving the platform. Bitcoin ETF investors were also reported to be pulling money out.

THORChain sits at the center of the day's weakest moves. Reports say it halted swaps after a bug tied to a block reorganization, a step that slowed the hackers' attempts to move funds. Its founder is also reported to oppose freezing coins. That helps explain RUNE's sharp drop and the heavy trading in it.

The wider market held up, though. Bitcoin rose despite the headlines, and most sectors finished slightly positive. The real world assets sector was the clear exception, with a steep fall that drags on coins like Collector Crypt.