Bitcoin falls 4.3% to about $77,800 as reported Binance hack hits sentiment
Bitcoin dropped 4.3% to about $77,800, and 84 of the top 100 coins fell. News of a suspected multi-billion-dollar Binance hack looks like the main driver, pushing the Fear & Greed Index to 30.
The market today
Crypto fell broadly over the past 24 hours. Bitcoin is at about $77,800, down 4.3% on the day and 4.2% on the week. Ethereum lost 4.9% and trades near $2,244. The total market value of all crypto is $2.64 trillion, down 4.1%.
Breadth was weak. Of the top 100 coins, 84 fell and only 16 rose. Bitcoin's share of the total market stands at 59.4%.
Sentiment turned sharply. The Fear & Greed Index dropped to 30, which counts as Fear, from 51 a day earlier. That is a large one-day swing for a gauge that usually moves slowly.
Biggest movers
Hyperliquid (HYPE) led the gains, up 10.4% to $89.25. News said it is eyeing an all-time high, and that the owner of the New York Stock Exchange is looking at US perpetual futures tied to it. TRON (TRX) rose 9.2% to $0.360, its highest in 30 days.
The losses were steeper. Quack AI (Q) fell 27% and is down 59% on the week. Ethena (ENA) lost 18%, Convex Finance (CVX) 17%, Pearl (PEARL) 17% and SPX6900 (SPX) 16%.
Among large coins, Chainlink (LINK) dropped 10.7% and BNB fell 8.5%. Sector-wise, AI tokens (-10.7%) and oracle tokens (-10.2%) fell most. Decentralized exchange tokens rose 2.1%.
What drove it
The main driver appears to be the news from Binance, the world's largest crypto exchange. Several reports describe a suspected hack with losses of roughly $5.5 to $5.8 billion. Binance said about $2.54 billion has been frozen, and Tether and Circle froze $1.8 billion of stablecoins. Some decentralized exchanges paused trading while the attacker looked for ways to cash out.
BNB, Binance's own token, fell 8.5%. Smaller, riskier coins fell hardest, which fits a broad pullback in risk appetite.
Not all news was negative. Strategy reported record operating income, and Coinbase posted a $719 million third-quarter profit. Neither stopped the decline.
- Leverage and derivatives
- Whale and exchange flows
Liquidations, funding, open interest and whale flows behind today's move, every morning in the Blockdeck app.
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