PiCK
Binance Hack Sends US-Listed Crypto Stocks Sharply Lower Intraday
Uk Jin
Summary
- US-listed cryptocurrency-related stocks were plunging in intraday trading after a major hack at global cryptocurrency exchange Binance.
- As of 10 a.m. on October 30, Coinbase was trading at $142.36 on the Nasdaq, down 11.35% from the previous session, while Strategy (-8.61%), BitMine (-5.68%) and SharpLink Gaming (-5.60%) were also weaker.
- Binance said it plans to fully compensate for the roughly $6.3 billion in losses with its Secure Asset Fund for Users (SAFU) and company funds.
Forecast Trend Report by Period
US-listed cryptocurrency-related stocks slumped in intraday trading after a major hack at global crypto exchange Binance rattled investor sentiment.
As of 10 a.m. on October 30, Coinbase was trading at $142.36 on the Nasdaq, down 11.35% from the previous session. Strategy fell 8.61%, while BitMine dropped 5.68% and SharpLink Gaming lost 5.60%.
The sharp decline in crypto-related shares appears to reflect weakening investor sentiment following the Binance hack. Binance estimates the incident caused about $6.3 billion in losses. It plans to fully cover the damage with its Secure Asset Fund for Users, or SAFU, and corporate funds.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.