A massive security breach at Binance—the largest exchange heist in cryptocurrency history—has sent shockwaves through digital asset markets. Attackers walked away with $6.3 billion, instantly dragging the total crypto market capitalization down 1.4% to $2.73 trillion.
Major altcoins took a sharp beating, with Bitcoin dropping to $77,300, Ethereum sliding 3.4% to $2,229, XRP dropping 3.4% to $1.25, and Solana falling 2.8% to $97.07.
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The sudden market crash triggered a severe leverage flush, liquidating $1.55 billion across derivative markets, according to Coinglass data. Long positions accounted for $1.29 billion of the liquidations, with Bitcoin traders absorbing over $500 million in wiped-out positions.
Bitcoin initially dropped over 5.9% as news broke before mounting a slight recovery. It traded down 2.5% over the last 24 hours at around $77,600 at the time of writting on October 30.Â
While security teams at Binance and blockchain intelligence firm TRM Labs confirm freezing roughly $2.7 billion to $3 billion of the stolen funds, more than $3 billion remains compromised—including approximately $1.5 billion in BTC.
Lessons from Bybit: The Macro Driver vs. The Hack Impact
The market reaction draws parallels with the February 21, 2025, Bybit hack, when North Korean hackers exploited Bybit’s Ethereum cold-to-hot wallet transfer process and stole approximately $1.5 billion in cryptocurrency, making it the largest known crypto exchange heist at the time.
Although Bybit fully covered its customers’ losses, only a relatively small portion of the stolen funds was recovered.
Bitcoin price fell nearly 5% that day and ETH almost 8.5%. After a brief rebound, BTC slid another 5% within days, as Donald Trump’s tariffs shook global markets.
It took until early May 2025 for Bitcoin to return to its pre-hack level of approximately $99,600. The cryptocurrency subsequently continued its recovery, eventually reaching an all-time high of $126,080 in October 2025.
History Points to More Than Hack Fears
The Binance hack was more than four times the size of the Bybit breach. Yet Bitcoin’s initial reaction has been strikingly similar. In both cases, news of the security breach triggered an immediate sell-off, followed by a partial recovery.
But history suggests the hack itself may not determine how far Bitcoin falls. Broader economic forces and external developments could prove more decisive, prolonging the decline even as the initial shock wears off.
Traders Set Their Sights on $75,000 and Below
As the market digests the immediate structural hit, traders are focusing on key technical downside targets before expecting any sustained reversal.
Popular crypto trader @astronomer_zero identifies $75,000 as a key liquidity target and a potential take-profit level for existing short positions. However, a deeper correction remains on the table.
The trader points to $72,000 an even more likely destination, describing it as a level closer to the market’s midrange. According to him, Bitcoin may need to test these lower levels before establishing the conditions for another sustained upward move.
Why This Matters
A record-size Binance exchange hack tests confidence in centralized custody. Bitcoin’s reaction around $75,000 and $72,000 will show whether the shock fades or deepens.
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