Bitcoin’s price plunged below $77,000 on October 30 after a significant security breach at Binance unsettled the broader cryptocurrency market. This market turbulence forced approximately $1.53 billion in leveraged positions to be closed within a single day.
Binance reports $6.3 billion security breach
Binance, the world’s largest cryptocurrency exchange by trading volume, confirmed that a security incident had occurred, impacting an estimated $6.3 billion worth of cryptocurrency assets. The exchange’s initial investigation suggested that attackers gained access through a compromised DevOps engineer’s laptop, enabling them to interact with a service container and execute unauthorized withdrawals.
The company reported that about $3 billion of the affected digital assets had already been frozen onchain. To mitigate further losses and reinforce user trust, Binance temporarily suspended all deposits and withdrawals while conducting extensive security checks. The exchange also committed to covering any customer losses using its SAFU (Secure Asset Fund for Users) insurance fund alongside corporate funds.
Binance stated there is no evidence indicating that wallet private keys were leaked, and its investigation is ongoing. The company continues to work with law enforcement and partners in an effort to recover remaining funds.
Mini dictionary: Binance is a leading global cryptocurrency exchange founded in 2017, known for high trading volumes and a broad range of digital assets offered to users worldwide.
The Binance security breach resulted in a rapid market response, with CoinGlass data showing total liquidations reaching $1.53 billion over 24 hours. This figure included $1.29 billion in long positions, highlighting the scale of forced closures as prices rapidly declined.
Analysts reported that Bitcoin itself accounted for approximately $499 million in liquidations, while Ethereum saw $358 million. Binance alone processed $754.6 million in liquidations, nearly half of the entire market total for the day.
| Asset/Platform | Liquidations ($ millions) |
|---|---|
| Bitcoin | 499 |
| Ethereum | 358 |
| Binance (total) | 754.6 |
| Total Market | 1,530 |
Binance pledged to cover all affected user losses using its SAFU fund, emphasizing that customer assets remain a top priority for the exchange as security enhancements proceed.
Bitcoin faces key support levels amid renewed volatility
Bitcoin briefly fell to $76,460 before rebounding toward $78,500, breaking through a critical support zone analysts from Bitfinex had previously outlined. The rapid decline triggered questions about whether Bitcoin might defend the $75,000 support level or risk a deeper correction.
Bitfinex previously identified $77,000 to $77,765 as a crucial support region, while QCP Capital highlighted a trading range between $78,000 and $86,000. Both levels came under pressure amid the intense selling linked to the Binance incident.
Analysts indicated that a swift recovery above $78,000 could signal that liquidation-driven selling pressure has eased. However, if Bitcoin fails to remain above this level, the $76,000–$75,000 zone could become the next significant support target. A further sustained decline below $75,000 may bring $73,000 into focus, according to previous analyses related to Coinbase.
Analysts underscored that, “A move above $78,000 would suggest the market is stabilizing, but renewed selling could expose support at $75,000 and below.”
ETF inflows continue despite liquidation pressure
Institutional activity in US spot Bitcoin ETFs contrasted with the sharp selloff, showing resilience despite the recent volatility. Data from SoSoValue indicated net inflows of around $17.07 million into US spot Bitcoin ETFs on October 29, extending the streak of positive flows to four consecutive trading sessions.
This contrasts with earlier outflows in October, when broader macroeconomic concerns and fluctuating interest rate expectations led to a more risk-averse environment in the digital assets space.
