Key Notes
- Bitcoin reached 78,063 USDT on Binance after trading as low as 76,389 on Tuesday.
- Coinbase quoted Bitcoin at about $77,816 at 21:58 UTC.
- Binance recorded higher prices on November 1 and 2 after the hack.
Bitcoin briefly traded above 78,000 USDT on Binance’s spot market late on November 3, recovering about 2.2% from its low earlier in the day. The pair touched 78,000 at 21:43 UTC and reached 78,063.30 two minutes later. It fell back below the threshold within minutes, extending a run of short-lived rebounds after last week’s Binance hack.
On Coinbase’s dollar market, Bitcoin traded at about $77,816 at 21:58 UTC. The quotes measure different things. Binance’s pair prices one bitcoin in Tether’s USDT stablecoin, while Coinbase’s quote uses US dollars. The Coinbase snapshot also came 13 minutes after the Binance high, by which time the move had already faded.
Kraken’s BTC/USD trades showed a similar recovery from the morning low. Its dollar pair reached about $77,970 by the time of the Coinbase check, after trading as low as $76,254 earlier on Tuesday. At that point, the 78,000 print was specific to Binance’s USDT pair among the three venues checked.
Bitcoin Recovered From an Early Low
Binance’s hourly candles show Bitcoin fell to about 76,389 USDT during the hour beginning at 06:00 UTC. It moved back through 77,000 later in the morning and approached 77,900 in the early afternoon before losing ground again. The evening move finally cleared 78,000 and put the price roughly 1,674 USDT above the morning low.
Tuesday’s high still fell about 815 USDT short of Monday’s peak on the same exchange. Bitcoin recovered much of the ground it lost during Tuesday’s early trading, but the evening bounce did not take it back to the top of Monday’s range.
Bitcoin Had Already Crossed $78,000 After the Hack
Binance’s BTC/USDT pair reached 78,422 on November 1 and 78,878 on November 2, both after the October 29 hack. Monday’s move toward 79,000 later reversed in a broader selloff that took Bitcoin below $77,000 and Ether below $2,250. Tuesday’s rally was another test of a level the market had already traded through.
Binance began reopening withdrawals in phases on November 1, starting with selected assets and networks after suspending withdrawals in response to the breach. That restored customers’ ability to move funds through those routes. It was a separate development from the moves in Bitcoin’s spot price, which traded above and below 78,000 as the rollout continued.
Spot Bitcoin Funds Recorded Two Days of Outflows
US spot Bitcoin exchange-traded funds posted $398.6 million in net outflows on Monday after losing $643.2 million on Friday, according to Farside Investors. BlackRock’s iShares Bitcoin Trust accounted for $405.3 million in Monday outflows, partly offset by $6.7 million flowing into Fidelity’s Wise Origin Bitcoin Fund.
Those fund flows cover earlier US trading sessions. Tuesday’s late price move came from trades on a single crypto exchange, so the two figures describe different parts of the market. Farside’s table had yet to list individual fund flows for November 3 when checked.
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