Bitcoin falls to $76,400 as Binance hack triggers liquidations (30 Oct)

$1.57 billion in liquidations hit 239,000 traders

Industry-wide liquidations reached $1.57 billion over a 24-hour period, impacting approximately 239,000 traders. CoinGlass data indicates that long positions accounted for $1.31 billion of this total. Crypto.news reported $1.54 billion in total liquidations, with $1.3 billion consisting of long positions.

Total crypto market liquidations exceeded $1.5 billion, according to Cointelegraph and FinanceFeeds. The largest single liquidation reported was an $11.09 million Bitcoin position on the Binance exchange.

Binance confirms $6.3 billion security breach

Binance described the security incident on October 29 as complex and reported that multiple breaches occurred during the attack. Approximately $6.3 billion in cryptocurrency was impacted by the incident, while collaborative recovery initiatives successfully froze about $3 billion.

The investigation indicates the breach resulted from a compromised DevOps engineer's laptop, although the exchange stated there was no evidence of leaked wallet private keys. An Ethereum transaction featuring 50 authorizations was detected by blockchain security firm Blockaid, enabling an attacker to seize control of a primary Binance hot wallet.

Binance pledges SAFU fund to cover user losses

Binance confirmed that all user losses resulting from the hack will be covered by its SAFU fund and other company resources. Withdrawals remain paused while the exchange performs security system and address control upgrades.

The exchange stated on X, "We are still gathering the facts, and will share more directly as we have them," regarding the ongoing investigation.

Bitcoin technical indicators show oversold conditions

On Thursday, Bitcoin finished under the lower Bollinger Bands volatility indicator threshold, a technical occurrence not seen since June 25. The 20-day simple moving average for the asset is currently at $81,324.

On Friday, the relative strength index fell to 34.7, its weakest level since June 30, nearing the oversold territory under 30.

On the four-hour timeframe, the relative strength index showed a bullish divergence from the Bitcoin price. This indicator may signal weakening seller control and a potential local trend change.

Broader market impacts include Fed rates and tech stock declines

On October 28, the Federal Reserve kept interest rates at 3.75%–4%, despite two members casting votes in favor of a quarter-point hike. Market volatility extended to tech stocks, with Intel Corporation shares dropping 26% in premarket trading on Friday after the company provided a weaker-than-expected fourth-quarter outlook of $15 billion to $16 billion, missing analyst projections of $17 billion to $18 billion.

Alphabet shares fell 13% to $282 on Friday, reaching their lowest level since April following the company's failure to meet earnings and revenue targets on Wednesday. Conversely, Ethereum ETFs saw approximately $105 million in net withdrawals on the same day.

Other crypto market updates

Polymarket traders experienced financial losses due to an issue involving a website supplier. Justin Sun currently holds a stake of nearly 3% in the PEPE cryptocurrency. The stablecoin RLUSD has been made available on the Coinbase exchange. The Nasdaq-100 index has been brought on-chain, allowing holders of JQQQ to own a digital representation of the index.