Here’s what happened in crypto today

Today in crypto, exchanges moved to reassure customers about their cold storage reserves following Binance’s $6.36 billion hack, Bitcoin plunged below $76,000 as US stocks erased gains made after the midterm elections, and France’s rejection of a key section of its 2027 budget temporarily sidelined proposed crypto tax and wallet reporting measures.

Crypto exchanges tout cold storage ratios after Binance attack

Crypto exchanges were quick to reassure users following the attack on Binance’s hot wallet infrastructure last week, with several companies disclosing how they divide assets between cold storage and internet-connected hot wallets this week. 

Crypto exchange Gate on Thursday launched a “Proof of Security” (PoSEC) framework, reporting that 88.26% of its total assets were in cold storage and 11.74% in hot wallets. It claims its cold storage could cover 104.58% of customer assets even if its hot wallets were completely drained.

“By publicly disclosing the distribution of assets between platform cold storage and hot wallets, PoSEC provides visibility into asset storage structures and their ability to cover potential losses under extreme scenarios,” Gate said. It noted the data is still undergoing independent review by a third-party audit firm.

Threat actors attacked Binance’s hot-wallet infrastructure last week, stealing approximately $6.36 billion, most of it in about 20 minutes, according to TRM Labs. Binance CEO Richard Teng said the “vast majority” of user assets are held in cold wallets, but the company has not provided a precise split. 

Bitcoin crashes 6% to 7-week low as US stocks erase election gains

Bitcoin (BTC) fell below $76,000 on Thursday as risk assets abruptly reversed their US midterm elections rally. After making swift gains on the back of a Democrat sweep of the US House of Representatives and Senate, equities saw sharp selling on Thursday as traders rotated out of tech.

Crypto markets liquidated nearly $500 million in positioning in the first hour of the US trading session, per data from CoinGlass, with 24-hour total liquidations nearing $850 million.

Now targeting $76,000, BTC/USD approached the bottom of its one-month trading range. The pair risked losing support at the 50-week simple moving average (SMA), currently at $75,733.

In his latest analysis, crypto trader Rekt Capital noted that Bitcoin was repeating behavior from May, when a period of rangebound moves around $80,000 subsequently gave way to a breakdown and new macro lows of $57,000 in late June.

France budget rejection sidelines stablecoin tax, wallet reporting

The French National Assembly rejected the 2027 state budget’s revenue section late Wednesday, removing crypto-related amendments from the version of the bill sent to the Senate.

The Assembly rejected the revenue section by a vote of 458–0 at first reading, with two abstentions, according to the official voting record. The revenue section covers government income, such as taxes.

After the rejection, the government will send the Senate the original budget text, without the crypto-related amendments adopted by lawmakers.

The proposals could still be reintroduced in the Senate and would need to survive the remaining budget process to become law.

Faustine Fleuret, global head of public affairs at lending protocol Morpho, told Cointelegraph before the vote that rejection of the revenue section could “result in the rejection of the entire bill in the National Assembly, including provisions adopted by way of amendments.”