The Bitcoin Street Journal Market UpdateBinance Phase 2: Dollar Withdrawals Back, Arbitrum Council Moves Hack Funds | Morning Edition
Anna's Tuesday Morning Edition on Election Day: Binance opened its second withdrawal phase with nine more networks and brought back U.S. dollar withdrawals, so more holders can move their funds now. Arbitrum's Security Council moved $30 million of Binance hack funds without the hacker's key. South Korea is pushing exchanges toward more cold storage, and fear jumped as chip stocks slid ahead of the vote.
THE MARKET TODAY
Bitcoin: $76,688, down about 1.7% in 24 hours (range $76,303 to $78,287). Down about 3.6% on the week and 9.8% on the month. Market cap: $1.54T. Dominance: 59.3%. Total crypto market: $2.60T, down about 3.2%. Ether: $2,252, down about 1.3%. 39% below the all-time high. Fear & Greed: 26, Fear (down from 37).
THIS MORNING'S SEGMENTS
- Phase Two Is Live: Binance's second withdrawal phase began at 04:00 UTC Tuesday across BNB Smart Chain, Ethereum, Solana, XRP Ledger, Sui, Arbitrum, Optimism, Tron and Base (Cointelegraph). On Ethereum the list includes LINK, SHIB, WLD, ONDO, ENA and Ripple's RLUSD (U.Today). USD, AED, VND, PHP and IDR withdrawals are back. DefiLlama net outflows slowed to $2.57B Monday from $6.1B Sunday. Binance has spent about half its SAFU Bitcoin (~$580M), and the fund is below its own $800M top-up line (CoinDesk).
- Who Holds the Keys?: Arbitrum's 12-member Security Council briefly rewrote a core contract to move $30M of Binance hack funds from an address it had no key for, the second time this year (CoinDesk). Kim Yo Jong denied North Korea's role in the hack (Cointelegraph).
- Cold Storage Crackdown: South Korea's FSC urged exchanges to raise cold-wallet ratios above the legal 80% (Upbit 99.17%, Bithumb 94.76%, Coinone 85%). Crypto.com will close its Hong Kong consumer app on Feb. 1, 2027 (Cointelegraph).
- Ballots, Chips and Rates: Bitcoin fell under $77K as the Nasdaq 100 slid into a correction. ZEC fell nearly 10% and BNB dropped under $700 (CoinDesk). Australia hiked to 4.85%, an 18-year high. New Jersey dropped its Coinbase staking order and $5M fine (Cointelegraph).
- Election Morning Rapid Fire: Lisk shuts down its blockchain and burns 5.23M LSK (U.Today). Ark bought Coinbase, Circle and Robinhood (The Block). The U.K. warns about AI ransomware. Swan's founder says AI is a bigger threat to Bitcoin than quantum computing (Cointelegraph).
- Nostr Desk: no council can sign for you. Why your nsec is your account, and how signer apps keep it safe.
ON THE SITE TODAY
Free tools tied to this morning's stories: the exchange directory, Token Intel, the Real-Time Bitcoin Market Intelligence Dashboard, Top Gainers and Losers, and the Nostr Desk.
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General information only, not investment advice. Digital assets are volatile, so always do your own research.
