Crypto Markets Turn Red After Binance Hack, US, EU Stocks Steady as Asian Equities Falter

Wednesday, May 8 - having just broken new 2019 highs, crypto markets have tipped into red in the wake of yesterday's $40 million hack of major exchange Binance.

Virtually all of the top 20 cryptocurrencies are down up to 9%, yet most losses remain mild, as Coin360 data shows.

Despite being the cryptocurrency stolen in the Binance hack, bitcoin is itself showing resilience, and is down a fractional 0.9% on the day to trade at $5,882 by press time, according to CoinMarketCap.

After a bullish rally to brush the $6,000 mark yesterday, the top coin briefly corrected downwards to as low as around $5,800 apparently following the Binance incident, but has since recovered some of its lost ground.

The top ten cryptocurrencies are uniformly red, with native exchange token binance coin predictably seeing the highest loss- down around 6% on the day to trade at $20.87.

Other top ten coins seeing marked - yet somewhat contained - losses are cardano, down 4.4%, stellar, down 3.9%, and litecoin, down 3.6% to press time.

Widening out to the top twenty, losses are overall heavier, with cosmos losing the most - down 8.8% on the day to trade at $4.48 - and tezos losing 8% on the day.

Markets have evidently taken a hit - if not a major tumble - following yesterday's news of the hack of prominent crypto exchange Binance.

In traditional markets, United States and European stocks broadly steadied against the backdrop of weakened equities in Asia, amid the ongoing escalation of Trump's tariff strategy against China.

To press time, futures on the S&P 500 Index is down 1.65% and the Stoxx Europe 600 has dipped less than 0.15%, whereas MSCI Asia Pacific Index dropped 1% to its lowest point in almost six weeks, according to Bloomberg.