247Wallst Binance Hack Triggers Bitcoin and Tech Stock Selloff
Article Content
- •Binance was hacked, losing $6.3 billion in assets.
- •Bitcoin's price fell to $77,370, marking a significant drop amidst tech stock declines.
- •The market sentiment is fearful, with Bitcoin on track for its worst October since 2014.
On October 29, 2026, the Binance cryptocurrency exchange suffered a hack resulting in the theft of $6.3 billion in coins and tokens. This incident caused significant turmoil in the crypto markets, leading Bitcoin to drop 3.3% to $77,370, while tech stocks also fell sharply due to disappointing earnings reports from major companies like Amazon and Intel. The Nasdaq Composite Index fell 2.5%, and gold prices dropped to their lowest levels in a year, raising questions about Bitcoin's status as a safe-haven asset. Bitcoin is now on track for its worst October performance since 2014, with a potential decline of 7.7%. The market sentiment is currently leaning towards fear, as indicated by a Fear & Greed index reading of 41. The hack's impact on both crypto and stock markets suggests a broader contagion effect, complicating the outlook for investors.
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