#BitcoinDropsBelow$80K 🚨 BITCOIN FALLS UNDER 79K AS BILLIONS LEAVE BINANCE HOT WALLETS. BINANCE: "USER FUNDS ARE COMPLETELY SAFE"
🕒 Updated: Oct 29, 22:10 UTC · Bitcoin 78,673 · BNB 701
📌 WHAT WE KNOW
• From about 20:24 to 21:04 UTC, roughly 3.3B to 3.5B dollars left Binance-labeled hot wallets on Ethereum, according to on-chain trackers cited by Unchained and FinanceFeeds. Figures are still being reconciled.
• Tether blacklisted the receiving address and Circle froze about 823M USDC; around 1.8B in stablecoins is reported frozen in total.
• Binance first cited a "potential security issue", then posted that "user funds are completely safe". Binance has not called it a hack.
• Founder CZ said it "does look like a hack" and that he expects user funds to be fully covered.
📉 MARKET REACTION
Bitcoin hit 78,297 and sits at 78,673 (-3.2%). BNB touched 680 and is at 701 (-7.3%). Only 6 of the 66 most traded coins on Binance are green;
$WLD is down 12.2% and LINK 8.2%.
💡 My take: the fast freezes by Tether and Circle and Binance's "funds safe" message limit the damage, but trust shocks like this usually keep volatility high for a few days. Bitcoin's level is 78,300, tonight's low. Avoid panic trades on rumors and follow official channels.
🤔 Do you think this dip gets bought, or is more downside coming? 👇
👉 Tap
$WLD to open the live chart. NFA
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