A bitcoin price rebound is starting to look possible on short-term charts, even after the largest crypto theft on record hit Binance and wiped out leveraged traders. Bitcoin dropped to $76,320 before steadying, and at 13:31 UTC on October 30, 2026 it changed hands at $77,180, according to CoinGecko data.
As Cointelegraph reported, bitcoin’s four-hour relative strength index (RSI) now prints a bullish divergence as sell-side pressure below $77,000 fades. But the backdrop is rough: a breach of more than $6 billion, about $1.6 billion in liquidations and a sell-off in tech stocks.
Key Takeaways
- An attacker moved about $6.3 billion to $6.4 billion out of Binance wallets on October 29, 2026, the largest crypto theft on record.
- Rolling 24-hour liquidations reached about $1.56 billion, mostly long positions, per CoinGlass data.
- Bitcoin held above $76,000, and four-hour RSI readings hint at a possible bitcoin price rebound, though nothing is confirmed.
- Standard Chartered says prices may stay under pressure before finding a base.
What happened at Binance
Blockchain analytics firm TRM Labs said roughly $6.36 billion left Binance wallets on ten blockchains on October 29, most of it within about 20 minutes starting at 20:05 UTC. That’s around four times the $1.5 billion Bybit hack of February 2025.
TRM attributes the attack to North Korea’s TraderTraitor group, with evidence pointing to a compromise of Binance’s hot wallet signing infrastructure. Chainalysis reached a similar view: co-founder and CEO Jonathan Levin said the firm assessed the hack, which it put at $6.4 billion, was likely carried out by TraderTraitor, according to CNBC.
Binance itself puts the loss at about $6.3 billion. According to Axios, the exchange said an initial investigation traced the breach to one engineer’s compromised laptop, which gave the attacker access to systems used to make withdrawals. See also our earlier coverage of how the Binance hack happened.
Frozen funds and Binance’s response
Binance and its partners have frozen about $3 billion that could potentially be recovered, Axios reported. TechCrunch said Tether froze about $1.56 billion and Circle about $800 million. Spokesperson Ross O’Leary said the exchange had “temporarily suspended withdrawals on multiple networks following a security incident as a precautionary measure.”
In a statement cited by ABC News, Binance said it “has already reserved over $6.34B of company funds to cover this incident” and pledged to cover all hacking losses. CoinDesk noted Binance held roughly $144 billion in assets before the hack, per DefiLlama, so the theft equals about 4% of that. Its SAFU emergency fund holds roughly $1 billion in bitcoin.
Sean Farrell of Fundstrat Global Advisors told CNBC the breach doesn’t currently appear to pose a significant solvency risk. Those are the exchange’s own statements and one analyst’s view, not an independent audit.
Background and context
The hack hit a market that was already well off its highs. Bitcoin sits far below its $126,080 all-time high from October 6, 2025, and as of 13:31 UTC on October 30 it was down 29.55% over the past year and 7.79% over 30 days, according to CoinGecko, figures that include the latest drop.
Risk appetite elsewhere wasn’t helping. Cointelegraph pointed to a tech-stock sell-off, with Intel down 26% in Friday premarket trading. CoinDesk also pointed to a separate Polymarket exploit adding to the pressure. The Crypto Fear and Greed Index read 30, or “Fear”, on October 30.
Market reaction to the Binance hack
Liquidations piled up quickly. Cointelegraph, citing CoinGlass, put rolling 24-hour liquidations at $1.56 billion, with longs making up $1.31 billion. The Block’s tally from October 29 showed $1.55 billion across 246,482 traders, including $1.34 billion in longs. The single largest liquidation order was $11.09 million on Binance’s BTCUSDT pair.
CoinDesk said bitcoin accounted for $468 million of liquidations and ether for $358 million. For an earlier snapshot, see our report on the Binance hack’s market impact on bitcoin longs.
| Asset | Price (USD) | 24h change | 24h low |
|---|---|---|---|
| Bitcoin (BTC) | $77,180 | -3.62% | $76,443 |
| Ethereum (ETH) | $2,224.90 | -4.26% | $2,178.62 |
| BNB | $698.80 | -5.98% | $682.36 |
| XRP | $1.24 | -3.66% | $1.20 |
| Solana (SOL) | $95.79 | -4.76% | $92.64 |
Data: CoinGecko, as of 13:31 UTC on October 30, 2026.
BNB, the token tied to Binance, took one of the bigger hits. The Block recorded drops of 7.1% for BNB, 5.2% for ether and 7% for XRP at the time of its report, steeper than the CoinGecko figures above.
What to watch next for a bitcoin price rebound
The bullish RSI divergence suggests sellers are losing steam on the four-hour chart. Still, it’s a short-term technical signal, not a forecast, and divergences can fail. Standard Chartered, as CoinDesk reported, says crypto prices may stay under pressure before finding a base.
Several factors could shape the next move. They include whether bitcoin keeps holding above $76,000, whether and when Binance fully restores withdrawals, how much of the frozen $3 billion is actually recovered and whether the tech stock sell-off deepens.
The risks are real. Crypto prices can swing sharply, leveraged positions can be wiped out within minutes, and funds held on any exchange carry custody risk. Be wary of anyone offering to help recover funds after a hack, and never share a seed phrase.
FAQ
Is a bitcoin price rebound likely after the Binance hack?
Nobody can say for sure. The four-hour RSI shows a bullish divergence, per Cointelegraph, but Standard Chartered says prices may stay under pressure before finding a base.
Who was behind the Binance hack?
TRM Labs attributes it to North Korea’s TraderTraitor group, and Chainalysis assessed it was likely carried out by TraderTraitor. Binance linked the breach to an engineer’s compromised laptop.
Are Binance user funds safe after the hack?
Binance says it reserved over $6.34 billion of company funds and will cover all hacking losses. Sean Farrell of Fundstrat said the breach doesn’t currently appear to pose a significant solvency risk. These are statements, not guarantees. Withdrawals were paused on several networks as a precaution.
Sources
- Bitcoin price metrics hint at rebound as $1.6B liquidations follow Binance hack (Cointelegraph)
- Bitcoin price metrics hint at rebound as $1.6B liquidations follow Binance hack (Cointelegraph) (cointelegraph.com)
- North Korea Steals USD 6.36 Billion From Binance in the Largest Hack in History (TRM Labs) (www.trmlabs.com)
- Binance halts trading after biggest-ever crypto hack (Axios) (www.axios.com)
- Billions stolen as Binance targeted in largest cryptocurrency hack in history (ABC News) (www.abc.net.au)
- Binance pauses withdrawals as hackers suspected of stealing billions in crypto (TechCrunch) (techcrunch.com)
- Binance loses over $6 billion in the largest crypto hack to date (CoinDesk) (www.coindesk.com)
- Standard Chartered sees more pain after $6 billion Binance hack sends bitcoin lower (CoinDesk) (www.coindesk.com)
- Bitcoin slides below $77,000, BNB drops amid Binance hack (The Block) (www.theblock.co)
- Binance's $6.3 billion hack: What we know and what comes next (CNBC) (www.cnbc.com)
This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrencies are highly volatile; always do your own research before investing.
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