Bitcoin held above $76,000 after a $6.3 billion Binance hack and a tech-stock sell-off, as momentum indicators pointed to a possible rebound.
Bitcoin (BTC) traded above $77,000 on Friday as crypto market liquidations passed $1.5 billion over 24 hours.
Data from TradingView showed BTC/USD dropping as low as $76,320 amid the fallout from a $6.3 billion hack of the largest cryptocurrency exchange Binance.
Rolling 24-hour liquidations of traders across the industry reached $1.56 billion. Long positions accounted for the majority of this figure at $1.31 billion, per CoinGlass data.
In its latest update on X, Binance described the attack as “complex,” reporting more than a single security breach during the episode.
“We are still gathering the facts, and will share more directly as we have them,” it wrote.
Downside momentum cooled after the company confirmed that all user losses would be covered from its dedicated SAFU fund and other company resources.
The hack added to macro pressure on crypto, with US stock markets falling on Thursday after tech earnings fell short of expectations. Alphabet missed earnings and revenue targets on Wednesday. In the aftermath, GOOGL fell by 13% to $282, its lowest level since April.
Intel shares plunged 26% premarket on Friday as the company issued a weaker-than-expected outlook, even though Q3 revenue and earnings beat estimates. Intel said it expects Q4 sales of $15 billion to $16 billion, versus analysts’ projected $17 billion to $18 billion.
On lower timeframes, BTC price metrics returned to levels not seen since BTC/USD hit multiyear lows near $57,000 in late June.
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