The crypto market has faced a double blow: a $6.3 billion hack on Binance has shaken market confidence, while a sharp decline on Wall Street has dragged down risky assets. Bitcoin has fallen below the crucial support level of $80,000, hitting its lowest level in six weeks.
Today's Cryptocurrency Prices
According to market data, major cryptocurrencies have seen significant declines:
- Bitcoin: $76,428, down 5.5% in the past 24 hours, down 6.3% in the past 7 days
- Ethereum: $2,228, down 4.6% in the past 24 hours, down 7.3% in the past 7 days
- BNB: $696, down 6.4% in the past 24 hours, and down 6.3% in the past 7 days
- XRP: $1.24, down 4.0% in the past 24 hours, and down 5.3% in the past 7 days.
The 24-hour trading volume of Bitcoin has soared to approximately $194 billion, indicating significant selling pressure.
Reason one: The $6.3 billion Binance hack incident
The hack attack on Binance has now become the largest cryptocurrency hack incident in terms of dollar value. Following the initial major reports, Bitcoin fell from around $78,700 to a intraday low of around $76,368. This decline caused Bitcoin to break through the support level of $80,000 that it had previously held onto.
Changpeng Zhao, the founder of Binance, stated that the actual losses were less than the scale indicated by the figures from Toutiao. He pointed out that Mt and Gox lost 650,000 bitcoins each, which exceeded 5% of the total Bitcoin supply at that time, affecting nearly all users; FTX also affected almost every customer. In the case of Binance, Changpeng Zhao said that the exchange would bear all the losses itself.
Reason two: The worst day for Wall Street since June
The market value of the U.S. stock market evaporated by approximately $1.5 trillion in a single trading day, with major indices heading for their worst performance since June:
- S&P 500 Index: Down 1.89%
- Nasdaq Index: Down 3.14%
- Semiconductor index: Down 3.74%
- Small-cap stocks: Down 2.10%
Bitcoin often fluctuates in tandem with tech stocks, so the decline in the Nasdaq and chip stocks has further increased the pressure.
Reason three: The key support has been lost.
Analyst Micha ël van de Poppe indicates that Bitcoin was rejected at $81,000, then quickly fell to $76,000 to close a price gap, only to be hindered again around $78,000. The key levels he is monitoring include:
- Support level: Retesting recent lows, the September low of $75,000 is the last line of defense.
- Fixing the issue: Bitcoin needs to regain a level of $79,000, and ideally reach $80,000, in order to restore its momentum.
Is this just a normal callback?
The on-chain data of Glassnode indicates that this decline may not be as severe as it appears on the surface:
- Bitcoin is retesting its true market average ( True Market Mean )
- It could fall to $75,800, which is the average cost basis for short-term holders, but the upward trend can still be maintained.
- The last similar backtest occurred in mid-September, just a few days after the peak of that market session.
History shows that hacker attacks may be short-lived.
Some investors have compared the current market reaction to past exchange disasters:
- 2016 Bitfinex Hacker Incident: Bitcoin fell 9.7% on that day, then rose 395% in the following year
- 2022 FTX collapse: Bitcoin fell 10.0% on that day, then rose 119% in the following year
- 2026 Binance hack incident: Bitcoin fell by about 4.3% on that day
Although the scale of the Binance hack incident was much larger than the aforementioned two incidents, the decline in value was only about half.
What will happen next?
Bitcoin is either going to form a higher low point next, or it will fall back to the cycle low of $58,000. For now, the levels that need attention are between $75,000 and $75,800 below, as well as above $80,000.
CoinPedia Trust Explanation:CoinPedia has been providing accurate and timely updates on cryptocurrencies and blockchain since 2017. All content is written by its team of analysts and journalist experts, and follows strict editorial guidelines based on E-E-A-T (experience, professionalism, authority, credibility). Each article undergoes fact verification from authoritative sources to ensure accuracy, transparency, and reliability. Its review policy ensures an objective assessment when recommending exchanges, platforms, or tools. The website is committed to keeping users informed about all developments in the crypto and blockchain fields, covering everything from startups to industry giants.
Investment Disclaimer:All views and opinions expressed in this text represent solely the author's perspective on the current market conditions. Before making any investment decisions, please conduct your own research. Neither the author nor the publisher assumes any responsibility for your financial choices.
Sponsorship and Advertising:Sponsored content and affiliate links may appear on the website. Advertisements will be clearly labeled, and the editorial content is completely independent from the advertising partners.
