TheBlock
Bitcoin fell 4.5% in 24 hours to $76,664 late Thursday as a Binance exploit intensified a broader crypto sell-off. BNB dropped 7.1% to $698.65, while ETH fell 5.2% to $2,190 and XRP lost 7% to $1.21. Chainalysis estimated that roughly $5.9 billion was stolen in the hack.
Why it matters
Liquidations added force to the decline: $1.55 billion in crypto positions were liquidated over 24 hours, including $1.34 billion in longs, affecting 246,482 traders. The largest observed order was an $11.09 million Binance-BTCUSDT liquidation. Zeus Research analyst Dominick John said the exploit intensified market-wide selling, with BNB facing the greatest exposure.
The fallout has not triggered broad panic, according to analysts quoted by The Block. Laevitas' Rick Maeda pointed to Binance's $144 billion in assets under custody, its ability to absorb the loss, and stablecoin providers freezing more than $2.4 billion as factors limiting contagion. ViaBTC chief analyst Jeff Ko said he did not expect the stolen BTC to add much selling pressure, noting that the wider market was already leaning bearish.
Market impact
Binance said the verified amount frozen from the hack was around $3 billion. Co-CEO Yi He said the exchange would cover all user losses. Coinbase CEO Brian Armstrong said the company was helping, including by blocking transfers to compromised wallets.
The immediate market test is whether those measures can contain further selling and restore confidence in Binance's security and customer funds. The sharpest pressure fell on BNB, while long liquidations magnified losses across BTC and other major tokens.
Frequently asked questions
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How much was liquidated during the 24-hour crypto sell-off?
Crypto liquidations totaled $1.55 billion, including $1.34 billion in long positions. They affected 246,482 traders.
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How much did Bitcoin and BNB fall?
Bitcoin fell 4.5% to $76,664, while BNB dropped 7.1% to $698.65.
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What did Binance say about frozen funds and user losses?
Binance said roughly $3 billion had been verified as frozen. Co-CEO Yi He said the exchange would cover all user losses.
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Why did analysts describe the market fallout as contained?
Analysts cited Binance's $144 billion in assets under custody and more than $2.4 billion frozen by stablecoin providers as factors limiting broader panic.
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How is Coinbase responding to the Binance hack?
Coinbase CEO Brian Armstrong said the company was helping, including by blocking transfers to compromised wallets.
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