Binance Hacked for $6.3B, Fed Holds Rates, Bitcoin Crashes to 6-Week Low: Weekly Crypto Recap

Although all crypto eyes were on the Federal Reserve FOMC meeting on Wednesday and a few other major macro events, none of those were the moment of the week. But first, let’s see how the week actually unfolded, starting from our previous market update from last Friday. At the time, BTC was fighting to stay above the key $80,000 support after getting rejected at $85,000, and investors braced for the FOMC meeting. Somewhat surprisingly, BTC dipped to a five-week low on Saturday at $79,100 before rebounding $2,000 on Sunday. However, it couldn’t really maintain its position above $80,000 and dipped on a few more occasions by Tuesday. The bulls went on a mild run ahead of the FOMC meeting, pushing the asset to $81,700. It dipped before the meeting and jumped again to $81,800 after the central bank paused interest rate hikes as expected. Another rejection followed, and BTC dropped to $80,500 on Thursday. The real impact came a day later, early on Friday morning, when reports emerged that the world’s largest crypto exchange had fallen victim to a major hack. Later on, the company confirmed the news, while on-chain data showed that the losses were somewhere around $6.3 billion, even though several entities, including Tether, froze roughly $3 billion. This became by far the largest hack in the crypto industry. Naturally, bitcoin and almost all alts tanked, with the leading crypto asset dropping to a six-week low of $76,400 before rebounding by a grand. BNB dumped below $700, while SOL has slumped by over 7%. The liquidations skyrocketed to $1.5 billion, while the number of wiped-out traders jumped to over 235,000 on a daily scale. Market Cap: $2.690T | 24H Vol: $152B | BTC Dominance: 57.8% BTC: $77,380 (-5.1%) | ETH: $2,225 (-7.4%) | XRP: $1.25 (-4.5%) Ripple Clears Final OCC Hurdle for National Trust Bank. Ripple had a massive week, and perhaps the OCC approval stands out at the top. Company CEO Brad Garlinghouse announced that the Office of the Comptroller of the Currency has granted the final green light for the establishment of Ripple National Trust Bank. Your Trezor Could Be Compromised: Company Issues Urgent Warning to Customers. One of the leading hardware wallet manufacturers

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