Bitcoin shows resilience amid Binance hack and tech stock selloff, Xapo CEO says
Photo: Crypto Briefing
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 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 be reluctant to sell into dollars if cryptocurrency markets are approaching a cyclical bottom.
Source: Crypto Briefing
