Overview:
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Bitcoin (BTC) again slipped below USD 80K as the Binance hack steers sentiment.
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Hyperliquid surges 17.9%, while BNB, Ethereum and XRP lead the losses.
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Support near USD 76,400 and resistance near USD 78,400 stay in focus.
Bitcoin changed hands near USD 78,483 on October 30 as an alleged Binance security breach kept market participants cautious. Following a dip to a six-week low, the premier cryptocurrency dropped 2.0% over a 24-hour window.
Bucking the broader trend, Hyperliquid surged 17.9%, whereas BNB declined 4.0%. As the repercussions rippled across altcoins and exchanges, Binance managed to freeze USD 3 billion worth of assets.
Bitcoin Price Today
Data from CoinGecko indicates that Bitcoin was priced at USD 78,482.53, reflecting a 2.0% decline over the previous 24 hours. Its total market cap hovered around USD 1.58 trillion, with daily trading volume hitting USD 51.59 billion. Across a seven-day span, the asset is down 4.4%.
Mudrex: Inflation Weighs on Risk Assets
Prateek Gupta, Head of Business at Mudrex, noted that elevated inflation figures applied downward pressure on risk-on assets. September’s PCE increased to 3.6%, and US third-quarter GDP expanded by 3.4%. Meanwhile, expectations for a December rate hike hover close to 80%. Additional tech sector headwinds stemmed from a 12% decline in Alphabet shares. According to Gupta, Bitcoin needs to reclaim USD 80,000 to restore upward momentum.
CoinSwitch: ETF Demand Struggles to Lift Prices
The CoinSwitch Markets Desk reported that Bitcoin slipped following the Federal Reserve’s decision to maintain interest rates between 3.75% and 4%. Although US spot Bitcoin exchange-traded funds pulled in approximately USD 424 million across three sessions, this influx of buying failed to drive prices upward. A return to the USD 80,000–USD 81,000 range is viewed as crucial for a meaningful rebound.
Giottus: Avoid Panic Selling
Vikram Subburaj, CEO of Giottus.com, pointed out that Bitcoin touched a six-week trough of USD 77,646, triggered by reports of a Binance security breach. Security concerns ultimately overwhelmed spot ETF inflows. Current technical levels place support around USD 76,600 and resistance near USD 78,100.
WazirX: Bitcoin Tests Long-Term Support
Nischal Shetty, Founder of WazirX, stated that Bitcoin traded near USD 76,402 following a 4.42% slide. The asset is currently testing a support band between USD 76,100 and USD 76,400, with the subsequent support tier situated at USD 73,100 to USD 73,500. Regaining the USD 77,700 to USD 78,400 bracket would help bolster market participation.
Also Read: Bitcoin Core Fixes 3 AI-Discovered Security Flaws Affecting Windows and Mac
Crypto Prices Today: Top 12 Coins at a Glance
Biggest Gainers and Losers Today
Leading the gainers, Hyperliquid climbed 17.9%, followed by TRON with a 4.9% increase and Zcash up 3.1%. On the flip side, BNB paced the losses with a 4.0% drop, Ethereum fell 2.9%, and XRP retreated 2.8%. Stablecoins alongside Figure Heloc remained largely unchanged.
Crypto News Today: Top Headlines Impacting Prices
Binance Reports USD 6.3 Billion Security Incident
Binance disclosed that a security compromise impacted roughly USD 6.3 billion in assets, though approximately USD 3 billion has been successfully frozen on-chain. During the ongoing security evaluations, the platform temporarily halted withdrawals and deposits. Management has committed to reimbursing all losses utilizing company reserves and the SAFU fund.
Binance indicated that an unauthorized extraction may have been facilitated via a compromised engineer’s laptop. As doubts regarding exchange security surfaced among traders, BNB fell by 4.0%. Operations at Binance.Instances/Binance.US were verified as unaffected, and an updated proof-of-reserves audit is slated for release.
Tether and Circle Freeze Funds Linked to the Hack
Tether froze upwards of USD 1.567 billion in USDT associated with the suspected exploit. Simultaneously, Circle froze more than USD 800 million in USDC in collaboration with law enforcement agencies, while First Digital also locked stolen FDUSD tokens. Combined, these emergency freezes total more than USD 2.3 billion.
Immobilizing these tokens restricts how swiftly the perpetrator can liquidate stolen funds. CoinDesk sources indicate the bad actor dispersed roughly USD 1.4 billion worth of Bitcoin across 19 unfreezable wallets. Tether emphasized that safeguarding the broader digital asset sector remains its top priority.
Liquidations Top USD 1.5 Billion
Over a 24-hour timeframe, aggregate liquidations exceeded USD 1.5 billion, with leveraged long positions sustaining the brunt of the damage. Bitcoin-related liquidations accounted for USD 468 million, trailing closely behind Ethereum at USD 358 million. CoinGlass metrics indicate that USD 628 million was wiped out within a single hour late Thursday.
Market analysts highlighted that bid-ask spreads for spot Bitcoin widened to five times their standard levels earlier in the day. Meanwhile, the Crypto Fear & Greed Index registered a score of 37, signaling prevailing fear. Hyperliquid short positions also suffered losses as HYPE advanced against the wider market slide.
Hyperliquid Jumps as ICE Backs US Perpetuals
Intercontinental Exchange (ICE), parent company of the New York Stock Exchange, formed a partnership with Trade.xyz to introduce Hyperliquid-backed perpetual futures to traders in the United States, pending regulatory clearance. Driven by the news, HYPE advanced 17.9% to reach USD 93.07. Billionaire investor Stanley Druckenmiller also contributed support to the initiative through a USD 23 million indirect allocation.
Through fee buyback mechanisms, Hyperliquid has burned nearly 50 million HYPE tokens, propelling cumulative protocol revenues past USD 1.38 billion. HYPE stood out as the sole top-twelve token posting double-digit gains, reflecting a growing trader preference for decentralized trading environments.
Standard Chartered Sees More Pain Ahead
Geoffrey Kendrick of Standard Chartered anticipates additional near-term headwinds for cryptocurrency valuations. Establishing a new market floor, in his view, requires the release of frozen funds and greater clarity concerning the breach. In extended trading sessions, Coinbase equities slipped 4.8% and Strategy dropped nearly 6%.
Once conditions stabilize, Kendrick forecasts a capital rotation toward decentralized exchanges. He highlighted Uniswap as an example of a platform boasting an unblemished exploit-free record. In related news, Polymarket suspended international operations following a hacker attack that drained over USD 2.6 million from user accounts.
Investor and Market Outlook
Bitcoin hovered near USD 78,483, supported around the USD 76,400 mark with immediate overhead resistance at USD 78,400. A breach below USD 76,100 could expose the asset to a downward extension toward USD 73,100. Market participants are advised to employ staggered accumulation, conservative position sizes, and minimal leverage.
Also Read: CFTC Chair Mike Selig Weighs AI and Crypto Trading Oversight
FAQs
What is the Bitcoin price today?
According to CoinGecko, Bitcoin changed hands at USD 78,482.53, registering a 2.0% decrease over the past 24 hours. The asset maintains a market valuation near USD 1.58 trillion alongside USD 51.59 billion in 24-hour volume, keeping market liquidity robust.
Why is Bitcoin falling today?
A suspected USD 6.3 billion security breach at Binance sparked widespread liquidation events totaling USD 1.5 billion and renewed selling pressure. Additional market headwinds stemmed from stubborn inflation figures, a broader tech sector pullback, and persistently firm expectations for a December Federal Reserve rate hike.
Which coins moved the most today?
Among the top twelve digital assets, Hyperliquid rallied 17.9%, TRON grew 4.9%, and Zcash added 3.1%. Conversely, BNB declined 4.0%, Ethereum retreated 2.9%, and XRP dipped 2.8%, while major stablecoins held steady.
What should investors watch today?
Key indicators to monitor include Bitcoin’s support floor near USD 76,400 and its recovery hurdle at USD 78,400. Developments regarding Binance withdrawals, the status of frozen funds, and shifting monetary policy outlooks will likely dictate near-term volatility, warranting strict leverage controls.
