Bitcoin Price Rebounds Above $77K, but Binance Hack Keeps Traders on Edge

Bitcoin stabilized above $77,000 after a $6.3 billion Binance hack triggered a marketwide sell-off, pushing the cryptocurrency to a multiweek low of $76,320. Bitcoin price stabilized above $77,000 following a marketwide sell-off triggered by Thursday’s $6.3 billion hack of Binance , which briefly dragged the cryptocurrency down toward $76,000, its lowest level since Aug. 21. The downturn came shortly after bitcoin approached $82,000 earlier Thursday on the back of strong U.S. gross domestic product (GDP) data . According to Bitstamp data, bitcoin initially shed more than $2,500 shortly after news of the hack broke Thursday afternoon, finding temporary support above $78,200. A brief recovery quickly gave way to relentless selling pressure, as investors shaken by the size of the attack drove the token down to $76,320.

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