Binance Hack Sparks Broad Crypto Selloff; Coinbase Slides 11% Intraday
COIN is trading near its 52-week low of $136.89 (0.9% above the low).
Summary
A major hack at Binance, with the exchange estimating roughly $6.3 billion in losses, knocked US-listed crypto stocks sharply lower intraday. Coinbase fell 11.35% to $142.36 by 10 a.m. on October 30, pushing it toward its 52-week low of $136.89. Strategy dropped 8.61%, with BitMine and SharpLink Gaming each off more than 5%. Binance says it will cover the damage through its Secure Asset Fund for Users and corporate funds, but the incident hits sentiment across the sector just a day after Coinbase's Q3 report showed a $719 million profit driven almost entirely by a $715 million non-cash crypto investment gain, with revenue down 35% year over year to $1.2 billion. The read-through is that exchange and custody risk is back in focus, and Coinbase's own operating income of $61.7 million leaves little cushion if trading volumes and crypto prices weaken further.
At the time of this announcement, COIN was trading at $138.12 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $36.4B. The 52-week trading range was $136.89 to $361.40. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Bloomingbit.