Bitcoin Falls Near $78,000 as Binance Hack Rumors Circulate

Bitcoin (BTC) briefly fell near $78,000 and Ether (ETH) dropped below $2,250 on Oct. 29 as crypto markets sold off amid unverified speculation about a possible Binance security breach.

Bitcoin slid from around $80,800, while Ether reached about $2,243. By 5:15 p.m. ET (21:15 UTC), futures liquidations across crypto markets totaled at least $659 million, including about $571 million in long positions and $88 million in short positions.

Long positions made up roughly 87% of the liquidation total, putting leveraged bullish bets at the center of the forced closures. The selloff and liquidations unfolded together, adding pressure as prices fell.

Crypto accounts Tree News and Spreek posted on-chain warnings involving Binance wallets, while speculation about a hack circulated on social media. The wallet alerts did not establish that a breach had occurred.