Bitcoin Hits $78,070 as $6B Binance Hack Follows Democrat Win

Binance hack creates record $6 billion market shock

A $6 billion hack of the Binance platform occurred last week, which is considered the largest heist in history. Binance customers withdrew a net $4.72 billion on Tuesday since the exchange reopened following the hack.

Experts warn of shifting risk-reward profiles in crypto

The cryptocurrency market has lost about $300 billion in value over the past month as investors moved to government bonds due to rising borrowing costs and concerns regarding AI returns.

These factors leave the market facing strong headwinds.

US political landscape threatens crypto legislative progress

The crypto industry invested over $300 million in both Democrat and Republican candidates during the current and previous election cycles to advocate for legislation that would provide a solid legal foundation for digital assets and faster digital asset deregulation. US President Donald Trump, who campaigned on making the US the “crypto capital of the world,” launched a “Trump” meme coin and is involved with the World Liberty Financial platform.

Broader cryptocurrency market valuation hits $2.61 trillion

The total cryptocurrency market valuation now stands at roughly $2.61 trillion. This market has lost about $300 billion in the last month due to concerns regarding artificial intelligence returns and rising borrowing costs.

Bitcoin has declined by approximately 41% since reaching a record high of over $122,000 in October 2025.

Saudi Arabia reports record non-oil revenue growth

The Ministry of Finance reported that total revenue in the third quarter reached SAR 259.1 billion ($69.1 billion).

Non-oil revenue increased by 20% to SAR 142.6 billion ($38 billion) during the third quarter.

Total government revenue for the first nine months of 2026 reached SAR 858.9 billion ($229 billion), an increase of 3%.

Non-oil revenue rose 8% to SAR 412.5 billion ($110 billion) during the first nine months of the year. Oil revenue for the first nine months of 2026 totaled SAR 446.3 billion ($119 billion), a 1.3% decline from the SAR 452.4 billion ($120.6 billion) recorded in the same period of 2025.

Saudi Aramco net income rises to SAR 380.6 billion

This figure represents a 34.2% increase compared to the SAR 283.6 billion ($75.6 billion) earned during the same period in 2025.

Aramco attributed the difference between its earnings growth and operating cash flow to changes in working capital, including outstanding sales receivables and inventories.

This is a decrease from the SAR 140.3 billion ($37.4 billion) spent during the same period in 2025.

GOSI implements new digital service and transparency measures

GOSI has implemented new transparency measures for occupational injury claims and contributor-related transactions. These updates include notification alerts through the GOSI Business and Tawakkalna apps.

Saudi economic indicators and public debt management

The Riyad Bank Purchasing Managers’ Index (PMI) for Saudi Arabia’s non-oil private sector fell to 54.0 in October from 55.3 in September, according to S&P Global. It remained above the 50-point neutral threshold for the seventh consecutive month.

Salem Baajajah, an economics professor at King Abdulaziz University, said government expenditure rose 8% to about SAR 1.1 trillion in the first nine months of 2026, while revenue grew 3% to SAR 858.9 billion. He said the next phase of fiscal policy requires a focus on "spending efficiency and maximizing the economic returns of projects to ensure their long-term development impact".