Over $600M in crypto longs liquidated in 30 minutes as Bitcoin falls below $78.5K and Ether below $2.25K amid Binance hack concerns.
Macro & Markets ·
Over $600 million in cryptocurrency long positions were liquidated within 30 minutes as Bitcoin declined below $78,500 and Ether fell below $2,250. The sharp selloff occurred amid spreading concerns about a potential security breach at Binance, one of the largest cryptocurrency exchanges. The rapid liquidation cascade suggests that leveraged traders faced sudden margin calls as prices dropped across major digital assets. However, details remain unclear regarding the exact scope of the Binance hack concerns—including whether the threat has been confirmed, what assets or accounts may be affected, or whether the exchange has issued an official statement addressing the situation.