Editor’s Note: This story has been updated to include a comment from a Binance spokesperson.
Leading cryptocurrencies tumbled on Thursday after news of a multi-billion-dollar hack targeting the Binance cryptocurrency exchange.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 9:07 p.m. EDT) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -5.10% | $76,926.93 |
| Ethereum (CRYPTO: ETH) |
-5.90% | $2,212.00 |
| XRP (CRYPTO: XRP) | -7.70% | $1.22 |
| Solana (CRYPTO: SOL) | -7.50% | $94.39 |
| Dogecoin (CRYPTO: DOGE) | -7.00% | $0.07407 |
Crypto Market Spooked by Binance Hack
Bitcoin fell below $77,000, and Ethereum slid to the early $2,100s after a major hack on Binance, the world’s largest cryptocurrency trading platform, with losses estimated at $5.91 billion, according to Chainalysis.
Binance stated that the funds remain safe and that its team is “actively investigating” the cause.
“Our security teams are reviewing all relevant information with urgency, and we will provide updates through official Binance channels as soon as we have verified information,” the company said on X.
A Binance spokesperson told Benzinga that the company would “cover all losses,” so users will not bear any financial impact. The spokesperson added that Binance has temporarily suspended all deposits and withdrawals.
Cryptocurrency-related stocks also fell earlier, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing down 2.44% and 1.99%, respectively.
Nearly $1.5 billion was wiped out from the cryptocurrency market in the last day, with long positions accounting for $1.3 billion of that total, according to Coinglass data.
Investor sentiment has tipped into “Fear,” according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:07 p.m. EDT) |
| Hyperliquid (HYPE) | +13.70% | $91.10 |
| Tron (TRX) | +9.00% | $0.3586 |
| HTX DAO (HTX) | +4.00% | $0.000001683 |
Stock Market Erases Gains
Stocks retreated sharply on Thursday. The Dow Jones Industrial Average shed 132.54 points, or 0.25%, to end at 52,342.56. The S&P 500 dipped 0.3% to end at 7,720.39, while the tech-heavy Nasdaq Composite declined 1.38% to end at 26,184.7.
The economy grew at a 3.4% annualized pace in the third quarter, beating economists’ expectations of 3.2% and marking an increase from 2.2% in the second quarter.
Moreover, September’s personal consumption expenditures price index rose 3.6% from a year earlier, matching expectations and accelerating from 3.4% in August.
Where Will Bitcoin Find Support?
Ali Martinez, a widely followed cryptocurrency analyst and trader, monitored dip-buy opportunities after the Binance hack, highlighting Bitcoin’s 200-day moving average near $73,000 as the next level they’re watching.
“Those are levels where I’ll look for support; not guaranteed bottoms,” the analyst added.
CryptoQuant Head of Research Julio Moreno highlighted Bitcoin testing its 365-day moving average on the daily chart, at around $77,406, labeling it as the first major price support.
Photo Courtesy: Mamun_Sheikh on Shutterstock.com
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