Bitcoin Falls Below $80,000 as Binance Reports Security Incident

Bitcoin fell below $80,000 on October 30 as a security incident reported by Binance added pressure to a broader cryptocurrency selloff, with about $1.54 billion in leveraged positions liquidated over 24 hours. At one market snapshot, Bitcoin traded near $78,420, down roughly 2% over 24 hours. It had briefly dropped below $77,000 before recovering. A separate reported snapshot put the price at a six-week low of $77,646. These figures reflect different observation times during a volatile session, not a single market close. CoinGlass figures cited in reports put the 24-hour liquidation total at about $1.54 billion, including roughly $1.3 billion in long positions. About 239,000 traders were affected, according to the same data. Forced closures of bullish leveraged bets can add selling pressure as prices fall. Binance’s native token, BNB, was also reported down more than 8% over 24 hours. Binance estimated the incident affected about $6.3 billion in assets and said roughly $3 billion had been frozen through coordinated efforts with blockchain partners. Those amounts are the exchange’s own estimates and do not establish how much will ultimately be recovered or remain lost. The...