Bitcoin shows resilience amid Binance hack and tech stock selloff, Xapo CEO says

Xapo Bank's CEO highlights Bitcoin's resilience amid a broader technology stock selloff, while Bitget Wallet analysts see signs of stabilization in derivatives markets. Bitcoin’s resilience following the $6.3 billion Binance hack and a broader technology stock selloff has surprised even longtime industry executives, according to Seamus Rocca, CEO of Xapo Bank, who sees signs that the crypto asset may be beginning to behave differently from traditional risk assets. In comments shared with Crypto Briefing, Rocca said Bitcoin has historically traded closely with the Nasdaq, but its ability to hold support despite a record cryptocurrency theft and mounting concerns over technology valuations suggests the relationship may be shifting. Bitcoin is trading near $77,000 after falling below $80,000 following the October 29 Binance breach, while major technology stocks have faced selling pressure after earnings reports and concerns over rising AI infrastructure spending. Rocca identified two possible explanations for Bitcoin’s relative strength. Investors may have fewer attractive alternatives for rotating capital as confidence in technology stocks weakens, while existing Bitcoin holders may ...