FBI ties North Korea to a USD 6.3B hack as US midterms spotlight crypto rules and Bloomberg surveys BTC forecasts; today’s BTC price is near $78.3K amid Fear sentiment. The cryptocurrency market gradually stabilized after a record-breaking hack at a major exchange last week. Bitcoin (BTC) rebounded from a weekend low of around $77.6K to approximately $78.3K, while Ether (ETH) climbed back above $2,300 with a 24-hour gain of roughly 1.37%. Despite the recovery in major cryptocurrencies, overall market sentiment remained cautious. The Fear and Greed Index stood at 37, indicating Fear. This marked a slight improvement from yesterday's 34 but remained well below last week's reading of 50. Investors continued to show caution toward market risks. According to CoinGlass, total cryptocurrency liquidations reached approximately USD 137 million over the past 24 hours. Long liquidations accounted for around USD 74.8646 million, while short liquidations totaled approximately USD 61.9403 million. These figures suggest that recent price swings in both directions continued to pressure leveraged positions. Short liquidations exceeded long liquidations for both BTC and ETH as the rebound forced some bearish positions to close. Market attention also remained focused on the Federal Bureau of Investigation's (FBI) investigation into the major cryptocurrency theft and the potential movement of stolen assets through decentralized finance protocols. In traditional financial markets, major US stock index futures rebounded following last week's sharp decline in technology shares. Gold prices also advanced as investors adjusted capital allocations across asset classes with different risk profiles. With the US midterm elections scheduled for November 3, congressional control, cryptocurrency legislation, and broader economic policies became key areas of market focus. BTC continued trading below $80K, while ETH consolidated around $2,300. The recent market structure reflected a combination of price recovery and continued risk management.

Source: Alternative

Key News Highlights:

FBI Links North Korea to USD 6.3 Billion Crypto Theft and Tracks Stolen Funds

The Federal Bureau of Investigation (FBI) recently issued an official statement linking North Korea to a cryptocurrency theft involving a major CEX. According to media reports, approximately USD 6.3 billion in digital assets was affected, making it one of the largest cryptocurrency hacks recorded to date. The FBI identified the cyberattack activity as "TraderTraitor" and attributed it to North Korean hacking groups. Blockchain transaction records disclosed by investigators indicate that the perpetrators recently converted portions of the stolen digital assets into Ether (ETH) to facilitate further transfers. The FBI expects the funds to undergo additional conversions through decentralized finance (DeFi) protocols and instant swap services. These transactions could make tracing the stolen assets more complex. US law enforcement authorities have urged blockchain node operators, DeFi service providers, instant exchange platforms, and blockchain analytics firms to identify and block transactions associated with the addresses involved. The official statement also included a list of blockchain addresses linked to the stolen funds to support transaction monitoring and risk identification. According to research from blockchain security firm CertiK, North Korea-linked hacking groups were responsible for more than USD 2 billion in cryptocurrency-related losses in 2025. This represented a substantial share of the year's estimated total losses. The research also highlighted that North Korea-linked cyberattacks have continued for years and involved multiple blockchain networks and digital asset services. The investigation remains ongoing and involves cross-platform fund tracing and cooperation among law enforcement agencies. The FBI has requested that businesses and individuals with relevant information provide assistance to US authorities.

Bitcoin Extends Three-Day Recovery Toward $78.3K as US Stock Futures Rebound

Bitcoin recovered to approximately $78.3K after the market turbulence triggered by last week's major cryptocurrency theft. The move marked its third consecutive day of gains. According to market data, BTC briefly declined to around $77.6K on Sunday evening before climbing back above $78.5K within hours. The rapid rebound reflected a notable recovery in market prices over a relatively short period. Ether also returned above $2,300, while BNB gained nearly 2% to approximately $713. XRP and TRX each recorded gains of around 1%. Among other major cryptocurrencies, ZEC rose roughly 3% to nearly $1,280, while SOL remained near $95 with relatively limited price movement. In traditional financial markets, the Nasdaq 100 fell 3.5% last Friday and recorded its largest single-day decline since June. The Philadelphia Semiconductor Index also dropped approximately 7% during the same session. At the start of the new week, S&P 500 and Nasdaq 100 futures both advanced at least 0.4%. Major stock markets in South Korea, Japan, and Hong Kong also posted gains. In commodity markets, Brent crude oil declined approximately 3% to around $110 per barrel following reports that the Trump administration might extend diplomatic negotiations with Iran. Spot gold moved in the opposite direction and gained roughly 1% to approximately $3,910 per ounce. With the US midterm elections scheduled for November 3, investors continued to monitor the election results alongside technology stock performance and Federal Reserve policy developments throughout the week.

US Midterm Elections Put Crypto Market Structure Legislation and Regulation in Focus

The United States will hold its 2026 midterm elections on November 3. Control of the House of Representatives and Senate will play an important role in shaping the legislative agenda over the next two years. The cryptocurrency industry is closely monitoring how the election results could influence digital asset regulation. Although the elections will not determine a new president, the composition of the next Congress will affect digital asset market rules, the legislative authority of financial regulators, and congressional oversight priorities. One of the key issues under discussion is the CLARITY Act, which aims to establish a regulatory framework for US digital asset markets and clarify the jurisdiction of different agencies over cryptocurrencies and related trading activities. The legislation previously failed to secure sufficient support in the Senate. As a result, the next Congress may need to revisit certain regulatory provisions and legislative proposals. Beyond market structure legislation, cryptocurrency taxation, decentralized finance regulation, and compliance requirements for digital asset businesses remain important industry concerns. Rulemaking progress at the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), and US Treasury Department could also be influenced by the composition of Congress and subsequent oversight arrangements. According to reports, the cryptocurrency industry contributed more than USD 170 million to political activities during this election cycle, primarily through political action committees and affiliated organizations. Meanwhile, voter surveys indicate that cryptocurrency is not a leading priority for most Americans. Issues such as living costs, employment, and broader economic conditions continue to attract greater attention. Election results are expected to begin emerging across US states on the evening of November 3, although some closely contested congressional races may require additional time before their final outcomes are confirmed.

Bloomberg Survey Shows US Congressional Control Shapes Year-End Bitcoin Price Expectations

Bloomberg recently surveyed 301 investors and financial professionals to examine how different outcomes of the US midterm elections could influence expectations for Bitcoin prices at the end of 2026. The results revealed notable differences in price expectations depending on which political party controls Congress. The survey was conducted between October 2 and October 17 and included Bloomberg Terminal clients and website subscribers. It used Bitcoin's late-September price of approximately $83.6K as a reference point. Under a scenario in which Republicans control Congress, 29% of respondents expected Bitcoin to exceed $100K by the end of 2026. That proportion fell to 8% if Democrats controlled Congress and stood at 14% under a divided Congress. In the Democratic-controlled scenario, 55% of respondents expected Bitcoin to finish the year below the survey's reference price but remain above $60K. Another 16% anticipated that BTC could fall below $60K. The survey also covered US equity and bond markets. Among respondents, 65% believed that gains in the S&P 500 would continue or accelerate over the following year if Republicans controlled Congress. Under a Democratic-controlled scenario, 53% expected US Treasury yields to decline. These findings highlight differences in financial market expectations across political outcomes. However, the survey relied on voluntary participation and its results were not statistically weighted. Therefore, the findings represent the views of participating investors under hypothetical political scenarios rather than definitive forecasts of broader market performance.

Disclaimer: The information provided in this section is for informational purposes only and doesn't represent any investment advice or FameEX's official view.