The News Tribune Weekly!
Welcome to another edition of our weekly newsletter, where we bring you the stories, trends, and developments shaping the economic, digital, and crypto world. From market movements and Bitcoin trends to emerging ideas and industry shifts, here’s what caught our attention this week.
Without further ado, let’s move on to point 1!
Crypto Market Recovery Could Be Near as Analysts Remain Bullish on 2026 Finish
With 2026 entering its final two months, the crypto market has had a difficult year, with Bitcoin and altcoins struggling to maintain positive momentum. However, despite the prevailing uncertainty and bearish sentiment, some crypto analysts believe the market could be preparing for a recovery before the year ends.
Although recent price movements have tested investors’ patience, there are still reasons some market watchers expect a turnaround. The question now is whether the remaining weeks of 2026 will bring the recovery many have been waiting for.
Why Some Analysts Expect a Crypto Market Rebound
Crypto analyst Michaël van de Poppe is maintaining a positive outlook for the final stretch of the year. Despite the recent decline in market sentiment, he believes the widespread pessimism may be excessive.
He observed that the market had considerably stronger bullish sentiment in August and September before expectations shifted towards a more bearish outlook. However, he does not think the current negative sentiment is entirely justified.
Van de Poppe also believes the US midterm elections have already been factored into market prices and may not have a significant impact on the market.
Regarding the current correction, he thinks Bitcoin and other crypto assets could experience another downward move in the coming weeks. Nevertheless, he sees this as potentially the final stage of the correction, after which he expects the market to recover.
He also anticipates his altcoin portfolio returning to profitability. However, he may gradually reduce his altcoin holdings, increase his cash position and explore opportunities in commodities and stocks before the year ends.
Bitcoin Predictions Meet a Fearful Crypto Market
Adding to the bullish predictions surrounding Bitcoin, South Korean researcher YoungHoon Kim, who claims to hold the world’s highest IQ score, has also shared his outlook. He expects Bitcoin to record a significant price increase within the next two weeks.
However, the broader market sentiment remains far from optimistic. Following the October 29 Binance hack, the Crypto Fear and Greed Index dropped to 30, placing the market firmly in fear territory.
With Bitcoin currently trading at $78,190, uncertainty remains over whether the market will manage a meaningful recovery before 2026 comes to an end.
🚨 Binance Hack Explained: $6.4B Theft, FBI Investigation and Full Customer Compensation
The reported $6.4 billion Binance hack became one of the biggest security incidents in cryptocurrency history, exposing weaknesses in exchange infrastructure and raising questions about how digital assets can be protected against sophisticated cyberattacks. However, the incident also demonstrated how exchanges, stablecoin issuers and law enforcement agencies can work together to contain the damage.
Binance has since completed compensation for affected customers and restored withdrawal services. The investigation, meanwhile, has provided further information about the suspected attackers and the techniques used to execute the theft.
🔐 How Hackers Gained Access to Binance
The attack involved unauthorised transfers from Binance’s hot wallets, with approximately $6.4 billion in cryptocurrency reportedly stolen across several blockchain networks. Chainalysis and TRM Labs attributed the operation to TraderTraitor, a hacking group associated with North Korea.
The FBI subsequently reinforced this attribution through a statement published on its official Cyber Branch X account. The agency confirmed that North Korea was responsible for stealing more than $6 billion in virtual assets from Binance around October 29, 2026. It also identified the specific cyber operation as TraderTraitor.
Technical investigations pointed towards weaknesses in Binance’s internal systems rather than a fundamental problem with blockchain technology. One area examined involved Ethereum’s EIP-7702 functionality, which allows conventional wallets to temporarily execute smart contract instructions.
TRM Labs identified 50 pre-signed authorisations allegedly used to facilitate unauthorised transactions. Binance CEO Richard Teng acknowledged that the approval procedures had not been properly followed, although the exchange reported no evidence of compromised wallet private keys.
🌐 How Binance and Law Enforcement Responded
Recovering the stolen assets required cooperation across different organisations and jurisdictions. Tether froze more than $1.5 billion in connected assets, while Circle blocked approximately $823 million in USDC.
CZ also acknowledged the contribution of US authorities, stating that law enforcement agencies, including the FBI, US Secret Service (USSS) and Internal Revenue Service (IRS), provided vital assistance with tracking and freezing assets connected to the incident.
Despite these interventions, a significant portion of the stolen cryptocurrency remained outside the reach of recovery measures. Elliptic estimated that approximately $3.3 billion was still controlled by the attackers.
Binance, however, moved to address the financial impact on its customers. The exchange confirmed that it had completed compensation for the losses using its own resources and its Asset Security Fund for Users, setting aside more than $6.34 billion to cover the estimated damage.
🛡️ Withdrawals Resume as Binance Maintains Stability
Following the security response and system checks, Binance restored withdrawal services. Interestingly, the incident did not trigger the massive customer withdrawal event that some observers might have expected.
Net outflows stood at approximately 16,021 BTC, representing just 2.43% of Binance’s total holdings. This suggested that the exchange maintained relative stability despite the scale of the security incident.
The case nevertheless exposed important weaknesses in cryptocurrency exchange operations. Protecting customer assets requires more than securing blockchain networks. Internal access permissions, transaction approvals, employee security and emergency response procedures are equally important.
Although Binance has completed customer compensation and restored withdrawals, the incident remains a significant example of the challenges facing large cryptocurrency platforms. It also demonstrates the importance of cooperation between exchanges, blockchain analytics companies and international law enforcement when responding to major digital asset thefts.
Weekly Recap: The Headlines That Made a Splash!
Like every Monday, here’s your pick of last week’s crypto news that you absolutely shouldn’t have missed!
However, if you’re the type who likes to stay updated every day, we’ve got just the thing for you. We’ve set up a Daily on our Substack. In just five minutes, you’ll be fully in the loop on everything happening in the crypto world! 😎
📉 Ethereum ETFs Suffer Record $1.61 Billion in October Outflows
Ethereum closed October down 16.06%, ending three consecutive months of gains, while US spot ETH ETFs recorded a monthly record of $1.61 billion in net outflows. Only three of the 22 trading sessions registered positive flows. BlackRock’s ETHA fund accounted for approximately $1.42 billion in withdrawals, while Grayscale’s ETHE lost nearly $119 million. Fidelity’s FETH was a notable exception, attracting around $36 million. Ethereum finished the month near $2,250 after briefly recovering to $2,520 on October 21 before falling to a two-month low of $2,150.
👉 Read the article
📊 Bloomberg Analyst Warns That Bitcoin’s $80,000 Level Could Shape Market Direction
Mike McGlone, senior commodity strategist at Bloomberg Intelligence, is watching Bitcoin’s ability to hold above $80,000. His analysis compares BlackRock’s spot Bitcoin ETF, IBIT, with the long-term US Treasury bond ETF TLT. On October 30, their relative-performance ratio stood at 81, against a baseline of 100 at the end of 2024, indicating a 19% underperformance for IBIT. McGlone also points out that IBIT is around four times more volatile than TLT, yet has lagged behind. In his view, a prolonged Bitcoin decline below $80,000 could increase pressure across other markets.
👉 Read the article
💹 Bitcoin Holds Up Better as Ethereum, XRP and BNB Face Deeper Corrections
The Binance hack triggered renewed volatility across major cryptocurrencies, but their price declines have differed significantly. Bitcoin fell approximately 6.5% from its recent high near $82,000, while BNB lost around 14%, Ethereum 20.6% and XRP nearly 23%. BTC was trading around $76,650, close to its 200-day moving average, while ETH and XRP had fallen below their main moving averages. BNB was approaching support around $690. Binance said it had replenished approximately 90% of the stolen assets and provisioned $6.34 billion to cover losses. The four assets are now facing different technical levels as traders assess the impact of the security incident.
👉 Read the article
🗣️ Elon Musk and CZ Clash Online After Binance Suffers a $6.36 Billion Hack
A major Binance security breach has triggered a public exchange between Elon Musk and the platform’s founder, Changpeng Zhao (CZ). Musk mocked the situation on X, reacting to a meme comparing CZ’s reassurances with statements made by Sam Bankman-Fried before FTX collapsed. CZ asked Musk to stop the provocations and pointed to Binance’s financial position, recalling its $500 million investment in Musk’s acquisition of Twitter in 2022. That investment is now valued at more than $1 billion in SpaceX shares, according to CZ. The dispute unfolded as Binance dealt with estimated losses of $6.36 billion, frozen assets and suspended withdrawals. The exchange also promised a new proof of reserves and said it would use its SAFU fund and company resources to cover losses.
👉 Read the article
⚠️ Binance Faces Major Security Breach as $2.54 Billion in Crypto Is Frozen
Binance suffered a major security incident on October 29 after a wallet lost 167,464 ETH and 63 other tokens following an EIP-7702 delegation. The initial Ethereum withdrawal was worth approximately $388 million, while subsequent movements brought the total value tracked across associated wallets to around $5.84 billion. That figure includes transfers between addresses and does not represent the amount stolen. Several crypto companies responded by freezing funds: Tether blocked $975.1 million in USDT, Circle froze $823 million in USDC, and other providers also intervened. Binance later announced that $2.54 billion had been frozen. Investigators are still trying to establish how the attacker obtained the signature required to authorize the operation.
👉 Read the article
🔻Chainlink Falls 21% Despite 18 Days of Net Withdrawals From Binance
Chainlink’s LINK token lost 20.8% in October despite 18 consecutive days of net withdrawals from Binance. Exchange reserves tracked by CryptoQuant fell to 124.2 million LINK, a movement often associated with investors transferring tokens into private wallets. However, analysts caution that these withdrawals do not necessarily indicate fresh accumulation: Binance had previously recorded net inflows of approximately 8.7 million LINK, and some subsequent transfers may simply reflect redistribution. US spot Chainlink ETFs have also shown limited activity, with eight consecutive sessions without net flows. Their total assets declined from $249.4 million on September 28 to $209.5 million on October 28, partly reflecting LINK’s falling price.
👉 Read the article
🇫🇷 France Moves to Automatically Collect Data on Crypto Accounts Held Abroad
France’s Senate has approved an agreement allowing tax authorities to automatically exchange information about crypto-assets held through foreign providers. The measure, adopted at first reading on October 27, would enable French authorities to receive annual reports covering users’ identities, tax residence, account activity, conversions and transfers. The information could then be compared with taxpayers’ declarations to identify undeclared accounts or inconsistencies. The framework does not introduce a new tax or change existing capital gains rules. It extends international cooperation beyond the European Union through the OECD’s Crypto-Asset Reporting Framework, alongside the European DAC8 system. First declarations are expected in 2027, but the agreement still requires final parliamentary approval. Self-custodied wallets are not directly covered in the same way as accounts held with reporting platforms.
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🐸 Justin Sun Accumulates 7.2 Trillion PEPE Tokens Worth More Than $51 Million
Blockchain tracking data from Arkham Intelligence indicates that Justin Sun has accumulated more than 7.2 trillion PEPE tokens across identified wallets. The holdings are valued at approximately $51.25 million and represent around 2.82% of the token’s total supply, making him the largest identified individual holder. The accumulation followed significant transfers through cryptocurrency exchanges over a ten-day period. The market reacted with a 3.34% price increase in one hour, taking PEPE toward $0.00000452. The concentration of such a large share of the supply in one investor’s wallets has drawn attention to the influence of major holders on memecoin liquidity and price movements.
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That’s the end of our weekly roundup! 😄
A big thank you for reading. We’ll see you next Monday with even more juicy news from the crypto world!
The Newsletter does not provide investment advice, nor does it offer recommendations to buy or sell financial securities. Any opinions or views that the Newsletter may express in the course of its research activities, particularly regarding markets and/or financial instruments, cannot be held financially liable. Any paid promotions will always be clearly indicated so as not to mislead the reader.
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