Bitcoin Falls Below $77,000 as Crypto Markets Decline Amid Binance Security Incident Reports

The cryptocurrency market declined on October 29–30, 2026, with Bitcoin (BTC) falling below $77,000 as Ethereum (ETH), BNB and other major digital assets recorded losses. The downturn coincided with reports of a potential security incident at Binance, which remains under investigation.

According to The Block, Bitcoin fell approximately 4.5% over 24 hours to $76,664, while liquidations across cryptocurrency derivatives markets reached $1.55 billion.

Bitcoin and Major Altcoins Decline

The market downturn extended across several major cryptocurrencies.

Ethereum declined approximately 5.2% to $2,190, while XRP dropped 7% to $1.21. BNB, the native token of the BNB Chain ecosystem, fell around 7.1% to $698.65.

Derivatives markets also experienced significant liquidations. Data from CoinGlass, cited by The Block, showed that 246,482 traders were liquidated over a 24-hour period, with total liquidations reaching approximately $1.55 billion.

Long positions accounted for around $1.34 billion of the total, reflecting the impact of declining prices on leveraged bullish positions.

The largest single liquidation occurred on Binance's BTC/USDT trading pair, valued at approximately $11.09 million.

Binance Investigates Security Incident With Estimated $6.3 Billion Impact

Market attention also turned to reports of a potential security incident involving Binance following the detection of substantial cryptocurrency transfers to external wallets.

Initial reports estimated that approximately $5.8 billion to $5.9 billion in digital assets could be associated with the incident.

Binance subsequently disclosed that it was investigating the matter, estimating the preliminary financial impact at approximately $6.3 billion.

However, the figure does not represent a confirmed net loss, as investigations into the incident and the status of affected assets remain ongoing.

Preliminary findings suggested that unauthorized access to a DevOps engineer's device may have enabled irregular withdrawal instructions. At the time of reporting, no evidence had been identified indicating that wallet private keys were compromised.

Binance also reported that approximately $3 billion in assets linked to the incident had been frozen through coordination with relevant parties and industry partners.

Analysts Point to Existing Market Weakness

Jeff Ko, chief analyst at ViaBTC, told The Block that cryptocurrency markets had already been exhibiting bearish conditions before reports of the incident emerged.

The existing market weakness may have contributed to the broader decline across digital assets as selling pressure increased.

Meanwhile, Rick Maeda, head of markets at Laevitas, assessed that the market reaction remained relatively contained compared with the reported scale of the incident.

Factors potentially limiting the broader impact included market liquidity and efforts to freeze assets associated with the incident.

These assessments reflect market conditions at the time of reporting rather than predictions of future price movements.

Market Focus Shifts to Investigation Developments

The decline in Bitcoin and other major cryptocurrencies coincided with substantial derivatives liquidations and reports concerning Binance's security infrastructure.

While preliminary information indicates that significant amounts of digital assets may be involved, the full scope of the incident and the final financial impact have yet to be established.

Market participants continue to monitor developments in the investigation, including the status of affected assets and the measures being implemented to address the incident.