Bitcoin Plunges to $76,350 as Hack Triggers Massive Crypto Derivatives Liquidations

Bitcoin traded at $77,111 after plunging to an intraday low of $76,350, sparking widespread liquidations across crypto derivatives markets. The sell-off followed reports of a major security exploit at exchange Binance, with initial estimates suggesting well over $6 billion was drained. Over 24 hours, market-wide forced liquidations reached between $1.49 billion and $1.52 billion, impacting roughly 240,000 to 243,456 traders, dominated by bullish long bets. Bitcoin led total liquidations, with Ether, BNB, and XRP also sustaining steep declines before Bitcoin staged a partial rebound.