Bitcoin fell below 77,000, and stablecoins got hit first! Nearly $2.1 billion frozen—a lesson for everyone.
The crypto market nearly turned upside down last night. Circle and Tether took emergency action, jointly freezing nearly $2.1 billion in stablecoins after Binance’s hot wallet was “drained” by hackers.
The market crashed in an instant. $BTC plunged to 77,006 on the daily chart, with a low of 76,717. The J-value dropped to 6.8, deep in oversold territory. $BNB fell more than 7%, breaking below the 700 mark and hitting a low of 677. Panic selling was in full force.
Although CZ and He Yi quickly issued statements emphasizing that “user funds are fully backed,” the market’s crisis of confidence is clearly still spreading. Even more surreal, some of the funds were converted into ETH and whisked away.
Here’s a line to remember: hackers are celebrating, institutions are freezing funds, and the ones who usually end up paying the price are retail traders loaded up on leverage.
The J-value may have bottomed out, and the official team has promised to make users whole, but catching a falling knife on the way down is a long shot. Don’t rush to buy the dip—wait for this wave of liquidations to fully subside, then reassess.
After this extreme sell-off, do you think Bitcoin can hold above 76,000? Let’s talk in the comments 👇
The crypto market nearly turned upside down last night. Circle and Tether took emergency action, jointly freezing nearly $2.1 billion in stablecoins after Binance’s hot wallet was “drained” by hackers.
The market crashed in an instant. $BTC plunged to 77,006 on the daily chart, with a low of 76,717. The J-value dropped to 6.8, deep in oversold territory. $BNB fell more than 7%, breaking below the 700 mark and hitting a low of 677. Panic selling was in full force.
Although CZ and He Yi quickly issued statements emphasizing that “user funds are fully backed,” the market’s crisis of confidence is clearly still spreading. Even more surreal, some of the funds were converted into ETH and whisked away.
Here’s a line to remember: hackers are celebrating, institutions are freezing funds, and the ones who usually end up paying the price are retail traders loaded up on leverage.
The J-value may have bottomed out, and the official team has promised to make users whole, but catching a falling knife on the way down is a long shot. Don’t rush to buy the dip—wait for this wave of liquidations to fully subside, then reassess.
After this extreme sell-off, do you think Bitcoin can hold above 76,000? Let’s talk in the comments 👇
