Bitcoin Drops on Binance Security Breach
Bitcoin fell to as low as $76,000 on Friday, hitting its lowest level since mid-September, as news of a major security breach at Binance, the world’s largest cryptocurrency exchange, intensified selling pressure. The exchange estimated the financial impact at around $6.3 billion, with approximately $3 billion in affected assets frozen on-chain through coordination with blockchain partners. Other digital assets, including Ether, Solana and XRP, also weakened. Broader risk aversion, fueled by concerns over AI-related spending and disappointing technology earnings, further weighed on sentiment. Meanwhile, around $1.3 billion in bullish crypto positions were liquidated over 24 hours, ahead of an $11 billion options expiry on Deribit. However, US-listed spot Bitcoin ETFs recorded $423.7 million in net inflows from Monday to Wednesday, pointing to renewed demand.
Bitcoin fell to as low as $76,000 on Friday, hitting its lowest level since mid-September, as news of a major security breach at Binance, the world’s largest cryptocurrency exchange, intensified selling pressure. The exchange estimated the financial impact at around $6.3 billion, with approximately $3 billion in affected assets frozen on-chain through coordination with blockchain partners. Other digital assets, including Ether, Solana and XRP, also weakened. Broader risk aversion, fueled by concerns over AI-related spending and disappointing technology earnings, further weighed on sentiment.
Meanwhile, around $1.3 billion in bullish crypto positions were liquidated over 24 hours, ahead of an $11 billion options expiry on Deribit. However, US-listed spot Bitcoin ETFs recorded $423.7 million in net inflows from Monday to Wednesday, pointing to renewed demand.