Binance Hacked for $6.3B, Fed Holds Rates, Bitcoin Crashes to 6-Week Low: Weekly Crypto Recap

The biggest hack in the crypto industry took place on Friday morning and sent shockwaves across the entire market. Although all crypto eyes were on the Federal Reserve FOMC meeting on Wednesday and a few other major macro events, none of those were the moment of the week. But first, let’s see how the week actually unfolded, starting from our previous market update from last Friday. At the time, BTC was fighting to stay above the key $80,000 support after getting rejected at $85,000, and investors braced for the FOMC meeting. Somewhat surprisingly, BTC dipped to a five-week low on Saturday at $79,100 before rebounding $2,000 on Sunday. However, it couldn’t really maintain its position above $80,000 and dipped on a few more occasions by Tuesday. The bulls went on a mild run ahead of the FOMC meeting, pushing the asset to $81,700. It dipped before the meeting and jumped again to $81,800 after the central bank paused interest rate hikes as expected. Another rejection followed, and BTC dropped to $80,500 on Thursday. The real impact came a day later, early on Friday morning, when reports emerged that the world’s largest crypto exchange had fallen victim to a major hack. Later on, the co...