Following the $6.3 billion Binance hack, Bitcoin fell 2.5% over 24 hours to $74,580. Lacie Zhang, research lead at Bitget Wallet, says the drawdowns triggered by previous exchange hacks were generally short-lived and absorbed as long-term holder demand returned. Bitfinex analysts said much of the hack’s impact appears to be priced in, with Bitcoin trading at an attractive level. Confirmation of a market bottom nevertheless depends on the U.S. Consumer Price Index reading due on November 10, which will shape the Federal Reserve’s next rate decision. Markets priced in an 80% chance of a rate increase on December 9, up from 69% a month earlier.
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