Bitcoin falls to $77,800 as altcoins suffer broad sell-off

Bitcoin declined from approximately $81,000 to $77,800 during the week, continuing a downtrend that began in early October when the asset tagged $87,000. The broader market showed significant weakness, with altcoins experiencing sharp declines. Worldcoin fell 27%, Convex Finance dropped 25%, Collector Crypt fell 23%, and Aerodrome declined 20% following a multi-chain deployment update. Maple Finance fell 20% to 15 cents. Ethereum traded at $2,200, while Solana fell below $100. In contrast, Hyperliquid rose 16% and Pepe gained 6% after being dumped by hackers. Market observers noted a lack of clear catalysts for a new Bitcoin rally, though the asset remains above the $70,000 support level. The Binance hack and geopolitical uncertainties contributed to the sell-off, but the market's resilience was notable given the severity of the security breach. Some analysts suggested that current pullbacks of 30% to 40% in altcoins could present entry opportunities for long-term investors, similar to patterns seen in previous bull markets. Cautious optimism persists that Bitcoin will form a higher low in the $70,000 range, though a new narrative is needed to drive a sustained rally.