Bitcoin traded near the $78,000 mark on Monday as market participants assessed developments surrounding Binance's reported security breach and its potential implications for broader market sentiment. The cryptocurrency was last trading at $78,118.In the past 24 hours, Bitcoin and Ethereum were up 0.06% and 1.03% respectively. Among the major altcoins, BNB, Solana, Hyperliquid, Dogecoin, Hyperliquid and Cardano corrected upto 1.34% whereas XRP and Tron were up 0.04% and 1.75% respectively.CoinSwitch Markets Desk said broader macroeconomic uncertainty and cautious risk appetite continued to influence investor positioning and going forward, BTC's near-term trajectory will likely depend on institutional demand, broader market sentiment and developments in the global macroeconomic environment.3 billion Binance hack triggered fresh uncertainty across crypto markets.Gupta further said that the incident led to nearly $1.57 billion in futures liquidations, although Binance says 95% of affected assets have been covered.

Institutional sentiment has also weakened, with US spot Bitcoin ETFs recording $643 million in outflows on Friday, ending a four-day inflow streak and taking weekly net outflows to around $202 millionThe global crypto market capitalisation went up 0.02% to $2.62 trillion, according to the data on Coinmarket cap.Over the last week, Bitcoin was down 2.97% and Ethereum was down 1.88%. Among the major altcoins, BNB, XRP, Solana, Tron, Dogecoin, and Cardano corrected upto 6.40% whereas Hyperliquid gained 12.43%.Nischal Shetty, Founder, WazirX said Bitcoin traded near $78,482, while Ether hovered around $2,292, as cryptocurrencies staged a modest recovery following last week’s sell-off.

Both remained lower over seven days.He further said that the broader backdrop remained cautious ahead of Tuesday’s US midterm elections, October US jobs data and several central bank decisions. approximately $291.31 billion in perpetual open interest and $1.18 billion in dated futures open interest. Crypto’s recovery remains tentative, with election developments, economic data and confidence in exchange security likely to shape near-term sentiment.Market perspectiveRiya Sehgal, Research Analyst, Delta Exchange : Crypto markets are stabilising after last week’s sell-off, with Bitcoin recovering toward $78,500 and Ethereum approaching $2,300 as selling pressure eases.

Institutional flows remain a headwind, with US spot Bitcoin ETFs recording about $202 million in net outflows last week, while Ether ETFs saw around $431 million leave.3 billion theft. The 1.11 per cent daily gain still leaves Bitcoin 1.34 per cent lower over seven days. For investors, $77,500 is the immediate support level to watch. Keep fresh purchases small ahead of November 6. Avoid leveraged bets on the 1.11 per cent rebound.Avinash Shekhar, Co-Founder & CEO, Pi42: Bitcoin enters November at a critical juncture, trading around $78,000 after a subdued October that saw weakening momentum and cautious investor sentiment.

The absence of a significant premium in Bitcoin futures indicates that speculative appetite remains limited, with traders awaiting stronger signals before taking fresh positions. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)