Bitcoin below $79,000: Binance hack causes cryptos to fall
Bitcoin fell below $79,000 Thursday evening as news of a massive Binance hack shook the crypto market. BNB particularly suffered, losing more than 6% in less than an hour. This wave of panic resulted in more than $600…
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The Binance hack, potentially the largest in the history of cryptocurrencies, triggered a wave of sales this Thursday evening. Bitcoin fell back below $79,000, BNB, the platform's token, fell sharply and nearly $1 billion in credit bets were erased in 24 hours.
Changpeng Zhao, founder of Binance, confirmed the hack of the platform on Thursday evening. One of his wallets sent $5.7 billion in cryptocurrencies to an unknown address.
Tether and Circle, the issuers of the USDT and USDC stablecoins, are said to have managed to freeze part of the stolen funds, without the blocked amount being confirmed. If the sum is confirmed, the attack would surpass the previous record, that of Bybit in February 2025, estimated at $1.5 billion.
In less than an hour after the hack was announced, Bitcoin (BTC) fell from around $80,300 to below $78,800. The price of Bitcoin stood at $78,741, down 2.92% over 24 hours, or 37.6% below its record of $126,116 reached on October 6, 2025.
Over the course of the day, more than $70 billion evaporated and the total market capitalization fell to $2.62 trillion.
The fall triggered a cascade of liquidations of leveraged positions, that is, the forced closing of debt-financed bets when losses exceed the collateral posted. According to CoinGlass, $627.7 million was liquidated in one hour, including $606.6 million on bullish bets. Over 24 hours, the total is approaching $1 billion.
BNB, a token in the Binance ecosystem, suffered the most direct shock. Its price plunged 6.3% in less than an hour, to $692, before rising back to $704. It lost 6.8% over 24 hours.
Other major cryptos are following suit. Ether (ETH) fell 3.82% to $2,263.89, SOL, Solana's token, fell 5.11% to $97.06 and XRP fell 5.89% to $1.25.
The market was already falling before the first alerts. Over 30 days, ETH lost 15.42%, XRP 16.13% and SOL 18.04%, compared to 5.52% for BTC. The day before, Glassnode reported a slowdown in the altcoin market and the risk of a new correction, which the hack suddenly accelerated.
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- Cryptoast29 Oct, 23:38
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