Bitcoin was trading near $78,629 on Friday, October 30, after recovering from an intraday low of $76,301. The cryptocurrency remained below $80,000 as reports of a major security breach at Binance continued to affect the market.

Binance estimates that approximately $6.3 billion in cryptocurrency assets were affected by the breach. According to Reuters, Binance and industry partners have frozen about $3 billion of those assets. Chainalysis confirmed that at least $5.9 billion was stolen, while investigations remain ongoing. These figures describe different aspects of the incident: Binance’s estimate covers affected assets, Reuters’ figure covers assets frozen, and Chainalysis’ figure covers confirmed theft.

Binance has said it intends to cover customer losses.

Binance Breach and Federal Reserve Decision

The reported outflows involved wallets across the Ethereum, Bitcoin and TRON networks. The Kobeissi Letter reported on X that the incident involved $5.7 billion in outflows, including approximately $1.45 billion in Bitcoin and $875 million in ETH. The account said that, if confirmed, the incident would be the largest hack in crypto history.

Source: https://x.com/KobeissiLetter/status/2115926246916038921?ref_src=twsrc%5Etfw

Uncertainty surrounding the breach continued as the investigation progressed. Watcher.Guru reported that more than $1.3 billion in leveraged cryptocurrency long positions were liquidated within five hours of the incident. It also cited an estimated theft of $5.7 billion and said Bitcoin fell below $77,000 while Ethereum dropped under $2,215.

Source: https://x.com/WatcherGuru/status/2115977043183640981?ref_src=twsrc%5Etfw

The Federal Reserve held its benchmark interest rate at 3.75%–4.00% on October 28, citing persistent inflation and continued economic strength. Two policymakers voted for a quarter-point increase. Higher interest rates can raise borrowing costs and reduce demand for assets such as Bitcoin.

ETF Flows and On-Chain Data

U.S. spot Bitcoin exchange-traded funds recorded inflows for three consecutive trading days through October 28. Data from Farside Investors showed inflows of $137.3 million on October 28, $176 million on October 27 and $110.3 million on October 26. BlackRock’s IBIT accounted for $136 million of the October 28 total.

Preliminary figures for October 29 showed approximately $17.2 million in inflows, although that figure may be revised.

Glassnode’s October 26 report showed that entity-adjusted transfer volume increased 25.9% to $5.5 billion. Daily active addresses declined 2.2% to approximately 615,200. CoinGlass data placed exchange reserves at about 3.36 million BTC on October 28, an increase of 0.16% over 24 hours. Those figures were recorded before the Binance breach. Taken together, the data points track different parts of the market: ETF flows measure reported fund inflows, on-chain activity measures network usage, and exchange reserves measure bitcoin held on exchanges.

Bitcoin Technical Levels

On the daily chart, Bitcoin was rejected from the $85,000–$87,000 zone earlier in October and has since formed lower highs. Immediate resistance is near $80,000, followed by a supply zone between $81,500 and $82,500. A move above that area could leave the $84,000–$86,000 range as the next level referenced by the analysis.

Support is positioned around $74,900–$76,000, where an ascending trendline from June meets horizontal support at $74,886. A daily close below that area could expose the $72,000 level.

Bitcoin’s daily relative strength index stood at 39.78. The moving average convergence divergence indicator remained below its signal line with a negative histogram. Market participants were monitoring the Binance investigation, ETF flows and interest-rate expectations as Bitcoin was last seen near $78,629.

Original source: https://coincentral.com/bitcoin-btc-price-sinks-to-76000-as-binance-loses-6-billion-in-historic-hack/