Bitcoin Slides Toward US$77,000 After Binance Hack
Bitcoin fell to US$77,192 on Friday, its weakest close in a month, after a record US$6.3 billion Binance theft and a Nasdaq sell-off. The post Bitcoin Slides Toward US$77,000 After Binance Hack appeared first on The Rio Times .
Bitcoin slid toward US$77,000 after the Binance hack, losing 4.79% over the week. Most of the damage occurred on Thursday, when the price fell by 4.30% due to the US$6.3 billion theft at Binance, the world's largest crypto exchange. Traders watched as TRM Labs reported that money began leaving Binance wallets at 20:05 UTC, followed by a second wave at 23:05 UTC.
Friday added to the decline, as Wall Street's Nasdaq fell 2.86% and the S&P 500 lost 1.82%, marking its worst day since June. Ethereum and smaller coins also experienced significant drops, closing at their lowest levels in three months. Bitcoin needed to hold above the Friday low of US$76,418, while Binance had to reopen withdrawals on schedule to prevent further declines.
The week's slide was attributed to the Binance theft, a stock market sell-off, and concerns over the Federal Reserve's potential rate hike.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
