Bitcoin Rebounds Above $78K as Altcoins Stay Mixed
Bitcoin recovered above $78,000 on Monday after a Binance hack report triggered a sell-off that sent BTC to a six-week low of $76,100 on Friday. The reported loss was $6.3 billion. Bitcoin has since gained more than $2,000, with its market capitalisation near $1.57 trillion and dominance just below 60%. The rebound followed an earlier recovery to around $77,500, but the wider market remained below pre-sell-off levels.
The crypto market was mixed, with total market capitalisation near $2.61 trillion, compared with about $2.6 trillion after an estimated $80 billion decline. Ethereum approached $2,300, BNB traded above $710 and TRON rose 1.7% over 24 hours. NEAR fell 6.3% to $4.13, while BCH, TAO, ENA, AAVE, AVAX, PUMP and MORPHO also declined. Earlier trading saw AAVE rise more than 6% and STX gain 11%, while TRX, RAIN and HYPE fell. Traders are watching for further Bitcoin volatility as key macroeconomic events approach.
Neutral
Bitcoin’s price impact is mixed. The recovery above $78,000 after a six-week low suggests dip-buying and some easing of immediate selling pressure. However, the rebound followed a security-related shock, and the broader market remains volatile, with many altcoins still under pressure. Bitcoin dominance just below 60% also indicates that market participation remains concentrated rather than reflecting a broad-based recovery.
In the short term, traders may respond to further details about the reported Binance hack, macroeconomic events and Bitcoin’s ability to hold above recent support. These factors could produce sharp moves in either direction. Over the longer term, a sustained recovery would depend on confidence returning and buyers maintaining demand; renewed security concerns or weaker risk appetite could revive selling. With the available information showing a rebound but no clear confirmation of a lasting trend, the expected impact on Bitcoin is neutral.