Bitcoin Bitcoin (BTC) dipped under $77,000 late Thursday afternoon, accompanied by drops in other leading digital assets, as a security breach at Binance fueled a broader market liquidation.
The premier digital currency retreated 4.5% during the previous 24 hours, exchanging hands at $76,664 as of 10:00 p.m. Eastern Time on Thursday, based on data from The Block’s bitcoin pricing tool.
BNB (BNB), the native token that supports the Binance network, declined 7.1% to trade at $698.65. Ethereum decreased 5.2% to reach $2,190, while XRP dropped 7% to settle at $1.21.
Total cryptocurrency liquidations reached $1.55 billion across the past 24 hours, affecting 246,482 distinct traders, according to metrics from CoinGlass data. Those liquidations comprised $1.34 billion in long positions. The single largest recorded liquidation order took place on the Binance-BTCUSDT pair and was valued at $11.09 million.
This digital asset sell-off aligned with a major Thursday exploit at Binance, recognized as the world’s leading cryptocurrency trading platform. Blockchain intelligence platform Chainalysis estimated that approximately $5.9 billion was extracted at the time of the incident.
“The Binance security incident has accelerated market-wide liquidations, with BNB bearing the heaviest impact. Roughly $1.5 billion in daily liquidations, largely consisting of long positions, has intensified downward pressure on both BTC and ETH,” noted Dominick John, an analyst at Zeus Research, in a statement to The Block.
“A market turnaround depends on Binance successfully restoring trust regarding platform security and user assets,” John continued.
Analysts see ‘contained’ market fallout
Conversely, Rick Maeda, head of markets at Laevitas, proposed that the market’s reaction to the Binance breach seems “relatively contained,” describing the decline in BNB as “fairly moderate considering it might be the biggest exchange theft in history.”
“The trading platform’s $144 billion in assets under custody, its capacity to handle a $4.3 billion fine levied by the United States government in 2024 for anti-money laundering failures without disruption, and the rapid actions taken by stablecoin issuers like Tether and Circle to freeze upwards of $2.4 billion have all helped prevent widespread panic throughout the sector,” Maeda remarked.
Jeff Ko, lead analyst at ViaBTC, expressed similar sentiments. “I do not anticipate the stolen BTC creating severe selling pressure,” Ko stated. “The wider crypto ecosystem was already trending downward, which explains why the sell-off spread so swiftly across assets. Even so, I believe Binance is well-equipped to absorb the financial hit without issue.”
Covering user losses
Binance announced via X that the total verified frozen funds connected to the exploit currently stands near $3 billion. Furthermore, Binance Co-CEO Yi He confirmed that the company will fully reimburse all users for losses stemming from the security breach.
Coinbase CEO Brian Armstrong shared that Coinbase is “taking all possible steps to provide assistance during this situation,” which includes blocking transactions directed toward the tainted wallets.
“Scenarios like this emphasize the necessity for the industry to collaborate,” Armstrong added.
Originally published at https://www.theblock.co/news/markets/2026-10-29-bitcoin-slides-below-77000-binance-hack-432183.
