Bitcoin, Ethereum, XRP, Dogecoin Drop 5% After Liquidations Top $1.5 Billion

Bitcoin tumbled 5% to $77,000 as panic over the reported Binance hack triggered nearly $2 billion in crypto liquidations.

Notable Statistics:

• Coinglass data shows 252,534 traders were liquidated in the past 24 hours for $1.65 billion.       
• SoSoValue data shows net inflows of $17.07 million from spot Bitcoin ETFs on Thursday. Spot Ethereum ETFs saw net outflows of $105.5 million.
• In the past 24 hours, top losers include Bitway, Injective and Pearl.

Notable Developments:

• Coinbase CEO Brian Armstrong Says Quantum Computing Is a Bigger Threat to Crypto Than AI: ‘When, Not If’
• After Binance’s $6.3 Billion Hack, Now a Crypto Wallet Firm Issues Urgent Security Alert Over Suspected Hardware Tampering
• Will U.S. Midterms Impact Crypto? Grayscale Says Election Outcome Matters Only ‘At The Margins’
• Pepe Jumps 15% While Dogecoin, Shiba Inu Slide on Binance Hack
• Can Bitcoin Hold On After the Selloff? Here’s What Technical Analysis Says
• Binance Founder CZ Tells Elon Musk ‘Bad Time to Troll’ as Hack Draws FTX Comparison

Trader Notes:

Nic Puckrin, cross-asset analyst and founder of Coin Bureau, told Benzinga that Bitcoin’s reaction to the reported hack has been relatively muted, although hackers selling stolen assets could pressure crypto prices.

He expects prices to remain weak in the near term, even if the impact on users is contained, but does not anticipate an FTX-style collapse or a repeat of the Oct. 10 crypto crash.

Turning to the U.S. midterm elections, Puckrin noted that Bitcoin has historically declined immediately after the vote before staging a strong rally over the following 12 months.

He warned that a Democratic sweep could dampen crypto sentiment amid concerns over stricter regulations and a less supportive political environment.

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