Attention

Long

Rekt

Bitcoin

<p>Bitcoin price has fallen nearly 2% over the past 24 hours to $78,420, as a multibillion-dollar security breach at Binance triggered selling across crypto markets and wiped out more than $1.5 billion in leveraged trading positions.</p>
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   <li>Bitcoin fell 2.08% to $78,419.97 as news of the Binance security breach weighed on the cryptocurrency market.</li>
   <li>The sell-off triggered approximately $1.54 billion in crypto liquidations, including $1.3 billion in long positions.</li>
   <li>The Federal Reserve held rates at 3.75%–4%, with two officials favoring an increase.</li>
   <li>U.S. spot Bitcoin ETFs reportedly attracted $17.07 million on October 29 despite falling cryptocurrency prices.</li>
   <li>Bitcoin faces resistance around $80,188, with traders watching $76,300 and $73,000 as potential support levels.</li>
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<p>According to <a href="https://www.coinglass.com/liquidations" rel="noopener noreferrer nofollow">CoinGlass</a>, about 239,000 traders faced liquidations totaling $1.54 billion over 24 hours, with bullish positions accounting for roughly $1.30 billion. Bitcoin briefly traded below $77,000 before recovering toward $78,500, although buyers have struggled to reclaim the $80,000 level.</p>
<p>The largest reported single liquidation was an $11.09 million BTC/USDT position on Binance. Meanwhile, the exchange said its October 29 security incident affected approximately $6.3 billion in cryptocurrency, with roughly $3 billion frozen through coordinated recovery efforts.</p>
<p>You might also like: <a href="https://crypto.news/bitcoin-etfs-30-day-outflows-blackrock-fidelity/" rel="noopener noreferrer nofollow"> Bitcoin ETFs lose $255m over 30 days despite BlackRock inflows </a></p>
<h2 class="wp-block-heading" id="strong-binance-hack-sends-bitcoin-price-below-80-000-strong"><strong>Binance hack sends Bitcoin price below $80,000</strong></h2>
<p>The market decline accelerated after Binance disclosed unauthorized transfers involving several exchange-controlled wallets. The suspected breach affected assets across multiple blockchains, including Bitcoin, Ethereum and Tron.</p>
<p>Binance’s initial investigation pointed to a compromised DevOps engineer’s laptop, which may have allowed an attacker to access internal systems and submit unauthorized withdrawals. The company said it found no evidence of leaked wallet private keys.</p>
<p>As <a href="https://crypto.news/binance-hack-eip-7702-wallet-attack/" rel="noopener noreferrer nofollow">previously reported by crypto.news</a>, blockchain security firm Blockaid identified an Ethereum transaction containing 50 wallet authorizations, one of which successfully gave the attacker control over a major Binance hot wallet.</p>
<p>The exchange has pledged to cover customer losses through its SAFU fund and company resources. Deposits remain operational, but withdrawals were paused while security teams upgraded withdrawal systems and address controls.</p>
<p>During the sell-off, Bitcoin fell alongside other major cryptocurrencies as traders closed leveraged positions. Long liquidations accounted for most of the $1.54 billion market-wide total, adding selling pressure as prices moved lower.</p>
<figure class="wp-block-image size-large"><img width="1024" height="502" src="https://media.crypto.news/2026/10/image-205-1024x502.webp" alt="Why is Bitcoin price falling today as Binance hack triggers $1.5B liquidations? - 2">
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  Source: CoinGlass
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<h2 class="wp-block-heading" id="strong-federal-reserve-decision-adds-pressure-to-crypto-markets-strong"><strong>Federal Reserve decision adds pressure to crypto markets</strong></h2>
<p>Bitcoin was already struggling before the Binance incident, with investors assessing the Federal Reserve’s October 28 interest rate decision.</p>
<p>The Federal Reserve <a href="https://www.federalreserve.gov/newsevents/pressreleases/monetary20261028a.htm" rel="noopener noreferrer nofollow">maintained</a> its benchmark rate between 3.75% and 4%, while two officials voted for a quarter-point increase. Policymakers said inflation remained elevated despite continued economic growth.</p>
<p>Bitcoin had <a href="https://crypto.news/why-is-bitcoin-price-down-today-fed-etf-inflows/" rel="noopener noreferrer nofollow">fallen below $80,000</a> following the decision, even as institutional investment products continued attracting fresh capital.</p>
<p>Market data supplied for October 30 showed Bitcoin maintaining a 65% correlation with the S&amp;P 500 and 61% with gold. The figures indicate that the assets had recently moved in similar directions, although they do not establish that macroeconomic conditions caused the latest cryptocurrency sell-off.</p>
<h2 class="wp-block-heading" id="strong-bitcoin-etfs-attract-inflows-despite-widespread-selling-strong"><strong>Bitcoin ETFs attract inflows despite widespread selling</strong></h2>
<p>U.S. spot Bitcoin exchange-traded funds continued attracting investment ahead of the latest market decline.</p>
<p>According to SoSoValue data, the funds <a href="https://sosovalue.com/assets/etf/us-btc-spot" rel="noopener noreferrer nofollow">recorded</a> $17.07 million in net inflows on October 29, extending their positive streak to four trading sessions.</p>
<figure class="wp-block-image size-large"><img width="1024" height="275" src="https://media.crypto.news/2026/10/image-207-1024x275.webp" alt="Why is Bitcoin price falling today as Binance hack triggers $1.5B liquidations? - 3">
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  Bitcoin spot ETF net inflow, source: SoSoValue
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<p>The previous three sessions had brought in nearly $423.66 million, following withdrawals totaling roughly $773.5 million on October 22 and 23.</p>
<p>Despite the recovery in <a href="https://crypto.news/bitcoin-etfs-30-day-outflows-blackrock-fidelity/" rel="noopener noreferrer nofollow">Bitcoin ETF inflows</a>, the cryptocurrency remained below $80,000. Ethereum ETFs experienced a different pattern, recording approximately $105 million in net withdrawals on October 29.</p>
<p>Attention has now turned to Bitcoin options expiring on October 30. Deribit data indicated that contracts with a notional value of almost $10.8 billion were scheduled to expire, with $78,000 identified as a major options positioning level.</p>
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   <p>$10.86B in Bitcoin options expire tomorrow, and traders are paying a serious premium for downside protection.<br><br>BTC's short-dated put options are priced more than 10 volatility points above calls, according to Deribit.<br><br>A lot of the open calls sit between $90K and $100K. With BTC… <a href="https://t.co/epVLUilqws" rel="noopener noreferrer nofollow">pic.twitter.com/epVLUilqws</a></p>— That Martini Guy ₿ (@MartiniGuyYT) <a href="https://x.com/MartiniGuyYT/status/2115799197769412731?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 29, 2026</a>
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<h2 class="wp-block-heading" id="strong-bitcoin-price-analysis-can-btc-reclaim-80-000-strong"><strong>Bitcoin price analysis: can BTC reclaim $80,000?</strong></h2>
<p>Bitcoin’s daily chart continues to show bearish momentum, with the cryptocurrency trading below its nine-day exponential moving average of $80,188.</p>
<p>The latest rebound from approximately $76,500 toward $78,556 has not yet reversed the recent pattern of lower highs. A daily close above $80,188 would put the $82,000–$84,000 resistance region back in focus.</p>
<figure class="wp-block-image size-large"><img width="1024" height="627" src="https://media.crypto.news/2026/10/image-208-1024x627.webp" alt="Why is Bitcoin price falling today as Binance hack triggers $1.5B liquidations? - 4">
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  Bitcoin price chart, source: crypto.news
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<p>Meanwhile, the moving average convergence divergence indicator remains negative, with a MACD reading of -797.94 against a signal line of -384.42. The histogram stands at -413.52, showing that downward momentum remains stronger than the recent recovery.</p>
<p>Crypto analyst Rekt Capital&nbsp;<a href="https://x.com/rektcapital/status/2115963695683510552" rel="noopener noreferrer nofollow">observed</a> that Bitcoin had not yet experienced the extreme selling volume often associated with capitulation. He identified approximately $81,400 as an important weekly level after Bitcoin struggled to hold above it.</p>
<p>Ali Martinez <a href="https://x.com/alicharts/status/2115946129942843849" rel="noopener noreferrer nofollow">identified</a> the 200-day moving average near $73,000 as another potential downside area if selling continues.</p>
<p>Separately, Doctor Profit argued that Binance could eventually need to buy replacement assets to cover unrecovered losses. His bullish interpretation depends on future recovery arrangements and purchases that Binance has not quantified.</p>
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  https://twitter.com/DrProfitCrypto/status/2116021467812880437
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<p>The immediate technical levels remain $80,188 on the upside and approximately $76,300 below the market, with the $73,000 region identified by Ali Martinez as a possible lower support area.</p>
<p>Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.</p>
<p>Read more: <a href="https://crypto.news/binance-hack-could-boost-uniswap-as-standard-chartered-sees-dex-growth/" rel="noopener noreferrer nofollow"> Binance hack could boost Uniswap as Standard Chartered sees DEX growth </a></p>

Why is Bitcoin price falling today as Binance hack triggers $1.5B liquidations?

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