Cryptocurrency markets turned turbulent following the record-breaking Binance exploit of over $6 billion, pushing major altcoins including Ethereum, Ripple, and Cardano into weekly losses, while Hyperliquid bucked the trend on a major institutional partnership.
Major Altcoins Buckle Under Market Sell Pressure
Ethereum (ETH) fell 7% over the weekly timeframe, breaking below its $2,400 support, which has now flipped into overhead resistance. Sellers are currently eyeing a retest of the $2,000 support level in the coming days as bearish sentiment creates a pattern of lower lows.
Similarly, Ripple (XRP) dropped 6% on the week as sellers rejected the price at $1.3, establishing it as a new resistance level. The cross-border token is erasing gains built since August, with buyers looking toward the $1.17 support line to prevent a deeper correction below $1.
Cardano (ADA) suffered a 10% weekly decline, dropping below the $0.20 support level, which now acts as resistance. The token is retracing its prior advance from $0.15 to $0.28, with lower potential support levels resting at $0.17 and $0.15—a price floor that previously held off sellers in June.
BNB Holds Support as HYPE Rallies on ICE Deal
Despite being at the center of the largest crypto security incident on record, Binance Coin (BNB) fell by a relatively modest 7% over the weekly chart. The token landed on its $690 support level, though a breakdown could see the cryptocurrency fall toward $580 next.
In contrast, Hyperliquid (HYPE) mounted a strong counter-trend rally, reaching $97 after revealing a deal to serve as the infrastructure layer for Intercontinental Exchange (ICE), owner of the New York Stock Exchange. The partnership will allow ICE to deploy futures markets for US traders across crypto, equities, commodities, foreign exchange, and real-world assets. Although HYPE surged on the ICE deal news, sellers stalled the advance just short of the $100 psychological resistance level.
- Ethereum dropped 7% weekly and faces a potential retest of $2,000 after losing $2,400.
- Cardano fell 10% below $0.20, while XRP slid 6% toward $1.17 support.
- BNB held support at $690 despite the $6B+ Binance exploit.
- Hyperliquid (HYPE) surged to $97 after securing an infrastructure deal with NYSE owner ICE.
Why It Matters
The sharp divergence across these top assets highlights how high-impact institutional announcements can temporarily decouple specific tokens from macro market contagion. While the ongoing fallout from the historic Binance security breach continues to suppress liquidity and weigh down broader market sentiment, Hyperliquid's infrastructure integration with traditional exchange operators shows sustained demand for decentralized derivatives tech. Moving forward, traders should monitor whether BNB can defend $690 and whether HYPE bulls can convert $100 into established support.
