Bitcoin Heads for Its Worst October Since 2014, Down 7.7%

Bitcoin is heading into the end of October near $77,000 and, according to CoinGlass, will close the month down 7.7%. That is its worst October since 2014. There are several causes, and the Binance hack is only one of them.

What exactly happened to the price?

On Friday, October 30, Bitcoin started the Wall Street session below $80,000 and fell to its lowest levels since September 18. It lost another 1.1% on the day. On Saturday the coin traded around $77,400, roughly 4% below its price just before Thursday's attack on Binance.

Why did stocks and gold fall?

On Thursday Intel warned that fourth-quarter sales would be weaker than the market expected. At Friday's open its shares were down almost 30%. Other big tech companies and chipmakers slid after it.

The Nasdaq Composite lost 2.5% and dropped to roughly 25,500 points, a level last seen on August 3. JPMorgan linked this to the return of doubts about whether AI can earn enough money, and said it expects the rotation out of tech equities to continue.

Later the weakness reached precious metals. Gold traded at $3,891 per ounce, its lowest price in a year.

How does all this weigh on bitcoin?

This week the crypto market reacted to three signals at once.

• Tech stocks. Bitcoin often moves together with risk assets, so the Nasdaq slump pulled it down too.
• Gold, which investors usually buy as protection, fell along with equities this time.
• The $6.3 billion incident at Binance added fear about the safety of centralized exchanges.

Analysts at QCP Capital summed it up: the mix of macro conditions, tech-sector fears and the hack created a period of heightened market repricing. They named tech companies' guidance on future capital spending for AI infrastructure as the key variable.

Is it worse than earlier exchange hacks?

According to Glassnode, the attack on Binance is the largest in crypto history, and its size exceeds the combined losses of the next nine biggest hacks. The previous record belonged to Bybit, which lost $1.5 billion in February 2025.

Anchorage Digital supplied the last figure to CNBC. So bitcoin took this blow more gently than usual. Strive CEO Matt Cole, whose company holds 43,000 BTC, said the same. He compared the attack to a bank robbery rather than a failure of the Bitcoin network, and warned that it is too early to call a market bottom.

Paul Chapman of Wirex added that one company's systems were breached, not Bitcoin itself. Binance said it will cover the losses with its own capital.

What do they say about recovery?

Cole described the market as an "early spring", where the price rises gradually instead of jumping to new highs. In his view such a phase could last another six to nine months. That is one executive's opinion, and it guarantees nothing.

For now there are two facts. October closes in the red, and the main risks sit outside crypto itself, in the valuation of tech companies and trust in centralized exchanges.