Crypto liquidations jump to $1.57 billion as Binance hack sends bitcoin, ether lower
Summary
Cryptocurrency markets experienced a surge in futures liquidations totaling $1.57 billion following a security breach at Binance. The incident caused the prices of major digital assets, including bitcoin and ether, to decline significantly, with bitcoin trading near $77,350.
Bitcoin traded near $77,350 after $6.3 billion Binance hack, with crypto futures liquidations jumping to $1.57 billion.
Our Take
A $6.3 billion hack at the world's largest crypto exchange is a confidence shock, not just a price event, and that's why liquidations jumped to $1.57 billion: over-leveraged longs got flushed as Bitcoin slipped toward $77,350. The next big question is what the hacker does with the stolen coins. If large amounts start moving to other exchanges, that's potential supply hitting the market, and traders will react to every on-chain alert. We'd watch two things today: whether Binance confirms that user funds are fully covered, and whether Bitcoin can hold the $77K area. A clean hold after a liquidation flush often marks a short-term low; a break below it would suggest the selling isn't finished. Crypto-linked stocks like COIN and MSTR could trade with extra volatility at the open.
Opinion of Tech & Money Press. Not financial advice.
Source: Read the full story at CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data