Crypto Liquidations Top $628 Million in an Hour as Binance Hack Fears Sink Bitcoin

Crypto liquidations reached $627.7 million in a single hour late Thursday, $606.6 million of it on bets that prices would rise, Coinglass data shows. Bitcoin (BTC) fell below $79,000 and Ethereum (ETH) under $2,240 as traders reacted to an unexplained $2 billion outflow from Binance hot wallets. Binance says it is investigating a “potential security issue” and has not confirmed any loss, while founder Changpeng Zhao says it “does look like a hack.” The market priced the worst case before either spoke, and leveraged traders paid for it. How fast the selling hit Bitcoin traded near $80,800 on Binance at 20:00 UTC, according to TradingView . By 20:35 UTC it had spiked down to about $78,300, a drop of around 3% in one candle, before bouncing back above $79,100.

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