Bitcoin Falls 7.2% in October, Posting Monthly Loss for Second Consecutive Year
Original headline비트코인, 10월 7.2% 하락해 2년 연속 월간 손실
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Bitcoin fell 7.2% in October, marking a second consecutive monthly October loss after last year's 3.8% decline, despite gains of 25% in August and 6.4% in September. The month was further rattled by an exploit of Binance's hot wallet on October 29, with reported losses of approximately $6.3 billion (about 8.4 trillion won). Binance said it would cover the losses through its SAFU user-protection fund and corporate funds. The episode challenges the long-standing "Uptober" narrative that had historically favored October strength for bitcoin. CryptoQuant analyst Axel Adler Jr. noted the damage extends beyond the headline loss figure, though the article's details were truncated. Watch for how Binance's compensation plan executes and whether bitcoin's monthly momentum stabilizes into November.
Muhabbit's AI wrote this summary in its own words from TokenPost's report and translated it from Korean. It can get details wrong, so check the source.
Named in this story
Binance, Bitcoin (BTC), SAFU, Axel Adler Jr., CryptoQuant
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