Crypto Weekly: Binance Hack Deepens Crypto Rout as Market Cap Falls to $2.7T

The cryptocurrency market closed October down 10%, with total capitalization falling from $3 trillion to $2.7 trillion, as a Binance hack deepened an already widespread rout. Bitcoin fell 3.3% in the final week of the month, extending its year-to-date losses to 11%, while ethereum dropped more than 15% over 30 days. The hack added selling pressure to a market that had already been shedding tens of billions of dollars in value before the security incident. The losses underscore persistent fragility in crypto markets, where security breaches continue to amplify downside moves and erode investor confidence. Traders will be watching for details on the size of the Binance breach, any exchange response or compensation plans, and whether bitcoin can hold key support levels heading into November.