After Binance Hack, Bitcoin Falls as Low as $76,650
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One hack, and suddenly fear is back. After the record theft at Binance, the crypto market slid sharply overnight into Friday. Bitcoin briefly fell to about $76,650, its lowest level in six weeks. The largest cryptocurrency has since recovered somewhat and was trading at about $78,500 (about €70,500) on Friday morning.
Prices at a Glance
The following table shows a selection of the largest crypto assets by market capitalization (excluding stablecoins), according to CoinGecko, as of Friday morning.
| Crypto Asset | Price | 24 Hours | 7 Days |
|---|---|---|---|
| Bitcoin (BTC) | $78,518.00 | −1.78% | −3.79% |
| Ethereum (ETH) | $2,245.53 | −2.79% | −6.48% |
| BNB (BNB) | $715.24 | −4.83% | −3.09% |
| XRP (XRP) | $1.26 | −2.44% | −4.69% |
| Solana (SOL) | $98.11 | −1.74% | −5.84% |
| Tron (TRX) | $0.3388 | +2.43% | +2.52% |
| Hyperliquid (HYPE) | $93.23 | +18.00% | +18.74% |
| Zcash (ZEC) | $1,273.86 | +2.39% | +4.12% |
| Dogecoin (DOGE) | $0.0763 | −2.32% | −4.25% |
| Monero (XMR) | $591.81 | +0.47% | −4.01% |
| UNUS SED LEO (LEO) | $9.43 | −0.31% | +4.41% |
| Chainlink (LINK) | $11.13 | −2.68% | −8.90% |
| Cardano (ADA) | $0.1941 | −2.02% | −10.14% |
| Stellar (XLM) | $0.1670 | −0.53% | −6.21% |
| Bitcoin Cash (BCH) | $283.47 | +1.52% | −0.95% |
Over the past week, almost all major coins are in the red. Cardano was hit hardest, down more than 10 percent, followed by Chainlink at nearly 9 percent. Bitcoin’s market capitalization stands at about $1.58 trillion.
The Night of the Crash
The hack became public on Thursday evening European time, and the reaction was swift. Within a few hours, Bitcoin fell more than 4 percent, ether more than 5 percent and Solana nearly 6 percent. BNB, the token of the hacked exchange, was hit hardest: It briefly slumped to about $692 and is still down nearly 5 percent.
Traders who had placed leveraged bets on rising prices were hit especially hard. According to CoinGlass data, positions worth about $628 million were forcibly liquidated in the first hour after the hack became known, almost all of them long positions. In total, liquidations added up to about $1.5 billion, according to CoinDesk, including $468 million in Bitcoin and $358 million in ether.
The direct impact of the theft itself is limited. The stolen Bitcoin represents only a fraction of the total market capitalization, and about $3 billion of the loot has already been frozen. The crash is therefore mainly about sentiment: When the world’s largest exchange halts withdrawals, memories of the collapse of FTX in 2022 come flooding back.
HYPE Is the Big Exception
One of the few winners is Hyperliquid. Its HYPE token is up 18 percent over 24 hours and is closing in on its record high. The reason is news that ICE, the owner of the New York Stock Exchange, is teaming up with the Hyperliquid platform Trade[XYZ] and plans to bring its markets to the United States. On top of that, Hyperliquid, as a decentralized exchange, could benefit from any loss of trust in centralized platforms such as Binance.
Tron, Zcash and Bitcoin Cash are also slightly up over 24 hours.
Rates and Stocks Add Pressure
The Binance hack hit an already nervous market. The Federal Reserve left interest rates unchanged on Wednesday, but several members of its rate-setting committee were already pushing for a hike. Stock markets also fell, led by Google’s stock, which plunged about 12 percent on Thursday. Higher rates and falling tech stocks typically pull money out of cryptocurrencies as well.
The mood has shifted accordingly. Alternative.me’s Crypto Fear & Greed Index fell from 51 points (neutral) on Thursday to 30 points, signaling “fear” once again. Bitcoin is heading for a weak October after spending most of the past few weeks above $80,000.
What Comes Next
Geoffrey Kendrick, global head of digital assets research at Standard Chartered, expects further losses. “Only after assets are unfrozen and more detail of the hack emerges will we find a new base,” he wrote. On the downside, the level of about $76,300, the low from mid-September, is seen as key support. A daily close below it would be the first clean break in six weeks.
Binance itself could help calm the market. The exchange plans to resume withdrawals in the coming days and to publish a new proof of reserves. If it shows that all customer funds are covered, the situation is likely to ease.
