Bitcoin fell below USD 78,000 on October 30 as exchange security concerns, leveraged liquidations and global economic uncertainty weighed on digital assets. The decline spread across cryptocurrencies despite inflows into Bitcoin exchange-traded funds.
Bitcoin traded at USD 77,451.60, down 3.3% over 24 hours. Ethereum lost 3.9%, while XRP declined 2.9%, Solana slipped 3.4% and Dogecoin fell 3.3%.
Binance Incident Raises Security Concerns
World’s largest cryptocurrency exchange, Binance hacked for around USD 6.3 billion, which makes this the biggest crypto hack ever, well above the USD 1.5 billion Bybit exploit of February 2025.
Binance co-founder Changpeng Zhao said user funds are safe and will be fully covered. Binance, in a recent X post, announced the freezing of USD 3 billion in crypto assets, with the help of leading US Dollar-pegged stablecoin issuers, Tether and Circle.
Following the hack, BNB dropped 6.3% in 35 minutes, while Bitcoin slid from USD 80,327 to a low of USD 78,763, a drop of just 1.9%.
Heavy Liquidation Across Crypto Sector
Cryptocurrency market liquidations surpassed USD 1.54 billion Friday morning after Binance confirmed hackers stole USD 6.3 billion, the largest breach on record. According to market data, long positions accounted for USD 1.29 billion, just over 80% of the total.
Liquidations involving the top cryptocurrency approached USD 500 million, a fivefold spike from the less than USD 99 million reported 12 hours earlier. Avinash Shekhar, co-founder and CEO of Pi42, said, “The correction was further intensified by significant liquidations, particularly in long positions, reflecting cautious investor sentiment.”
Inflation and Equities Add Pressure
High energy prices, persistent inflation and weaker global equities have reduced appetite for riskier assets. According to SoSoValue, Bitcoin ETF inflows reached USD 137.3 million, while Ethereum ETFs recorded USD 21.4 million in outflows.
“Bitcoin’s decline despite fresh ETF demand shows that fund allocations cannot independently determine price direction,” said Nischal Shetty, founder of WazirX, citing liquidations and broader macroeconomic pressures.
Bitcoin Levels to Watch
Traders are monitoring USD 80,000 as an immediate recovery threshold, followed by resistance near USD 82,000 and USD 84,000. On the downside, chart levels cited by analysts include USD 76,426 and USD 74,450 as key supports.
A sustained break below support could invite further selling, while recovering USD 80,000 may improve sentiment. For now, the investigation, market liquidity and macroeconomic conditions remain central to Bitcoin’s near-term direction.
Also Read: Binance Hack: USD 6.3 Billion Theft Raises Recovery and Security Questions
Disclaimer : Crypto News India does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
