Crypto Stocks Sink as $6.3B Binance Hack & Intel Shake Markets

Coinbase and Strategy led a broad decline in cryptocurrency-linked equities as two separate shocks hit U.S. markets. Intel’s weak fourth-quarter forecast intensified technology-sector selling, while Binance confirmed a security breach affecting approximately $6.3 billion. Coinbase’s latest earnings showed improving business diversification, but weaker trading conditions and investment-driven accounting profits complicated its outlook. U.S. cryptocurrency stocks plunged on Friday, October 30, as a technology-sector selloff collided with a record security breach at Binance, pushing Bitcoin toward $77,000 and prompting investors to cut exposure to digital asset businesses. Coinbase fell approximately 12.93% during the session, while Strategy declined around 7%.

Source: ETHNews