Bitcoin Shows Resilience to Binance Hack but Institutional Demand is Weak
Dow Jones11-03 20:06
1205 GMT - Bitcoin's ability to remain above $76,000 in the wake of the record hack at crypto exchange Binance suggests the incident hasn't triggered widespread capitulation, Zaye Capital Markets analyst Naeem Aslam says in a note. "More concerning is the weakening institutional demand." U.S. spot bitcoin exchange traded funds recorded about $643.3 million in net outflows on October 30, he says. Meanwhile, President Trump's comments about the importance of bitcoin to the U.S. financial system are positive but Tuesday's midterms introduce uncertainty over future crypto legislation and regulation, he says. Bitcoin rises 0.4% to $76,986 after reaching a six-week low of $76,197 Friday, LSEG data show.
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