Bitcoin falls to $77,000 as record Binance hack drags crypto lower
Bitcoin fell 4.9% to $77,058 and BNB lost 8.3% after a suspected multibillion-dollar Binance hack, as Fear & Greed dropped to 30 from a neutral 51.
Live chart · BTCUSD, BNBUSDT, ETHUSD · TradingView
Bitcoin dropped to $77,058, down 4.9% in 24 hours, after a suspected multibillion-dollar hack at Binance hit the crypto market. The GDP-driven gains from our last recap are gone, and the Fear & Greed Index fell from a neutral 51 to 30, its first reading in "Fear" this week.
Bitcoin
According to CoinGecko data at 00:57 UTC on October 30, Bitcoin traded at $77,058. It is down 4.9% over 24 hours and 4.23% over seven days. The 24-hour high was $81,840, set before the hack news broke. Trading volume reached $45.2 billion. Chart: BTC/USD
CoinDesk reported that Bitcoin first fell back to $79,000 as the news spread. Selling continued into the evening.
Ether and the majors
Every major coin fell harder than Bitcoin. BNB, the token tied to Binance, lost 8.31%. Cardano was the weakest, down 9.06% on the day and 10.03% on the week. Chart: BNB/USDT
| Coin | Price (USD) | 24h % | 7d % |
|---|---|---|---|
| Ether (ETH) | 2,215.83 | -5.81 | -5.56 |
| BNB | 692.51 | -8.31 | -4.55 |
| XRP | 1.22 | -7.43 | -5.35 |
| Solana (SOL) | 94.51 | -7.21 | -7.49 |
| Dogecoin (DOGE) | 0.074105 | -6.73 | -4.26 |
| Cardano (ADA) | 0.186451 | -9.06 | -10.03 |
Breadth and sentiment
Total crypto market value fell 7.66% to $2.596 trillion, per CoinGecko. Bitcoin dominance stands at 59.3% and Ether dominance at 10.4%. The Alternative.me Fear & Greed Index sat between 48 and 54 for the previous seven days before dropping to 30 today.
The Binance hack
Reports on the size of the loss vary. CoinDesk called it a $5.7 billion loss and "the biggest crypto hack in history." Decrypt cited an on-chain tally of $5.57 billion across three blockchains. It also reported that Tether and Circle froze $1.8 billion. Cointelegraph's live updates say Binance put the frozen total at $2.54 billion, with more freezes possible.
CoinDesk reported that Binance's co-CEO said the exchange would cover all losses. In a later report, CoinDesk said Binance's own reserve data lists the drained wallets as backing customer balances. That leaves its ether backing an estimated 6% short until the stolen funds are replaced.
How the attack happened is still unclear. Blockaid CEO Ido Ben-Natan told Cointelegraph he suspects attackers manipulated Binance's transaction-signing systems, and he compared it with the Bybit hack. Decrypt reported that wallets tied to the hack were swapping freezable stablecoins for ether on decentralized exchanges, and some DeFi exchanges paused markets.
Other news
- Polymarket breach: The prediction market suspended trading after a third-party provider was breached and users reported drained accounts, CoinDesk reports. Decrypt said a suspected attacker wallet holds about $2.65 million in POL, citing Arkham.
- Coinbase earnings: Coinbase posted Q3 net income of $719 million, mainly from gains on its crypto holdings, while revenue held flat at $1.22 billion, Decrypt reports.
- Overhead supply: Glassnode data cited by Decrypt shows 4 million BTC bought above $85,000, which the report said could cap a recovery.
What to watch next
- Options expiry: About $11 billion in Bitcoin options, a third of Deribit's total, settle on Friday, Decrypt reports.
- Binance follow-up: Further asset freezes and whether Binance restores its ether backing, per CoinDesk and Cointelegraph.
- Tokenized stocks: Nasdaq-listed Canton Strategic Holdings plans tokenized stock trading from November 2, Cointelegraph reports.
- US midterms: The crypto industry has spent $176 million on next week's elections, according to Decrypt.
How we make this article: software gathers the market data and the news from the sources linked in the article, then cross-checks them. AI writes the text. People choose the sources, set the rules and run the process. Not investment advice.