Bitcoin Plummets to $76K, $1.5B Liquidated Post-Crypto Hack

Binance Confirms Major Hack, Billions Drained

Binance confirmed earlier today it has fallen victim to a significant hack, with reports suggesting over $6 billion has been siphoned from the platform. This incident marks the largest hack in the cryptocurrency industry’s history and has triggered a sharp downturn across most digital assets.

Market Plunge Follows Security Breach

Bitcoin experienced a substantial decline, dropping to $76,350, a level not seen since September 18. This fall comes after Bitcoin had tested the $82,000 resistance just prior to the conclusion of the latest FOMC meeting. Following a rejection at that level, the cryptocurrency moved towards $80,500 before its significant drop to the aforementioned October low. Bitcoin has since seen a partial recovery and is currently trading just above $78,000.

Altcoins have mirrored Bitcoin’s downward trend. Ethereum has fallen by 3% in the last 24 hours, struggling to maintain its position above $2,250. BNB has seen a decline of over 4%, now trading at $715, while XRP has dropped to $1.250. Notably, some altcoins have managed to remain in positive territory, including the two leading privacy tokens, ZEC and XMR.

In contrast, HYPE, a significant competitor to Binance, has surged by more than 17%, buoyed by positive developments in the United States that were reported yesterday.

Liquidations Surge Amidst Market Volatility

The total value of liquidated positions has soared to $1.52 billion over a 24-hour period, with $1.36 billion of that total occurring in the wake of the Binance hack. Long positions have accounted for the majority of these liquidations. Bitcoin and Ethereum lead the pack in terms of liquidated positions, with $482 million and $365 million respectively. Approximately 240,000 traders have been wiped out in the past day, and the largest single liquidation order, executed on Binance, was valued at over $11 million.