--- title: "Bitcoin falls below $79,000 as suspected Binance hack sparks stablecoin freezes" description: "Bitcoin fell below $79,000 as reports of a suspected Binance hack with outflows of up to $5.8 billion spread through markets, Bitcoin Magazine reported.…" language: en canonical: "https://whycoinmoves.com/en/events/bitcoin-bitcoin-price-slides-below-79-2a27845f43c1d7" published: 2026-10-29T23:10:01.000Z updated: 2026-10-30T01:33:22.000Z indexable: true --- # Bitcoin falls below $79,000 as suspected Binance hack sparks stablecoin freezes Bitcoin fell below $79,000 as reports of a suspected Binance hack with outflows of up to $5.8 billion spread through markets, Bitcoin Magazine reported.… Attributed sources: [Bitcoin Magazine](), [Cointelegraph]() ## Key facts Bitcoin fell below $79,000 as reports of a suspected Binance hack with outflows of up to $5.8 billion spread through markets, Bitcoin Magazine reported. Tether CEO Paolo Ardoino said the company froze more than 1.567 billion USDT, and former Binance CEO Changpeng Zhao said Circle froze about $823 million in USDC. Ardoino said protecting the industry and its partners is the main priority. Evidence strength: Multiple publishers, 2 publisher group(s) (Bitcoin Magazine, Cointelegraph). After site detection, observed returns were 5 minutes: +0.01% (Oct 29, 2026, 23:10 → Oct 29, 2026, 23:15, UTC; Gate · USDT); 1 hour: -1.21% (Oct 29, 2026, 23:10 → Oct 30, 2026, 00:10, UTC; Gate · USDT) In the preceding 30 days, the 99th percentile of absolute hourly returns was 1.23% (OKX · USDT; cutoff Oct 29, 2026, 23:10, UTC). ## Returns after site detection | Window | Return | BTC | Difference from BTC | Actual sampled interval (UTC) | Source | | --- | --- | --- | --- | --- | --- | | 5 minutes | +0.01% | +0.01% | 0.00 pp | Oct 29, 2026, 23:10 → Oct 29, 2026, 23:15 | Gate · USDT | | 1 hour | -1.21% | -1.21% | 0.00 pp | Oct 29, 2026, 23:10 → Oct 30, 2026, 00:10 | Gate · USDT | ## Historical hourly baseline | Metric | Value | | --- | --- | | Coverage | 100.0% (720/720) | | Median absolute hourly return | 0.14% | | 99th percentile of absolute hourly returns | 1.23% | | BTC beta | 1.00 | | Source / cutoff (UTC) | OKX · USDT / Oct 29, 2026, 23:10 | ## Claims and open questions - Bitcoin Magazine reported that Bitcoin fell below $79,000 as reports of a suspected Binance hack cited suspicious outflows of up to $5.8 billion, and that Bitcoin was trading at $78,800, down 2.89% (about $2,350) over the past 24 hours. - Tether CEO Paolo Ardoino said the company froze more than 1.567 billion USDT, and former Binance CEO Changpeng Zhao said Circle froze about $823 million in USDC, according to Bitcoin Magazine. - Binance co-founder Yi He wrote on X that the company is aware of reports of a potential security issue and that its security teams are reviewing all relevant information, while Binance has made no official confirmation of a breach, Bitcoin Magazine reported. - What the on-chain outflows from Binance-linked wallets will ultimately total and whether they are confirmed as a theft, pending Binance's verified statement or a formal account from law enforcement. - How much USDT and USDC was frozen in total; Bitcoin Magazine reported combined freezes of $1.8 billion to $2.4 billion depending on reports, and the exact figure would be confirmed by statements from Tether and Circle. ## Source evidence - [Bitcoin Price Slides Below $79,000 as Binance Loses $5.8 Billion in Massive Hack]() — Bitcoin Magazine; published Oct 29, 2026, 23:06; received Oct 29, 2026, 23:10 (UTC). - [Binance hack rattles markets as BNB falls 8%, Bitcoin nears $77K]() — Cointelegraph; published Oct 29, 2026, 23:24; received Oct 29, 2026, 23:34 (UTC). ## Recent BTC events and market reactions - [Strategy reports record $20.91 billion operating income for Q3 2026]() — Published Oct 29, 2026, 23:18 (UTC) · Single source (1 publisher) · General news · 5m -0.07% / 1h -1.96% - [Bank of Russia approves NAUFOR as first self-regulatory body for crypto exchanges]() — Published Oct 29, 2026, 15:03 (UTC) · Single source (1 publisher) · General news · 5m +0.14% / 1h +0.70% - [Swiss spot bitcoin ETF gains international access on SIX]() — Published Oct 29, 2026, 14:15 (UTC) · Single source (1 publisher) · General news · 5m -0.06% / 1h +1.27% - [Quantum model reduces hardware needed to break bitcoin keys by 17 times]() — Published Oct 29, 2026, 13:55 (UTC) · Single source (1 publisher) · General news · 5m +0.16% / 1h +1.10% - [HTX agrees to leave UK in settlement with FCA over crypto marketing]() — Published Oct 29, 2026, 13:49 (UTC) · Single source (1 publisher) · Regulation · 5m +0.04% / 1h +1.00% - [Full coin archive]() ## Research for this archive - [Crypto hacks and price impact: Bybit and Cetus case studies]() - [Why is crypto moving? How to check the evidence behind a price explanation]() - [Altcoin beta to Bitcoin: BTC, ETH, SOL and DOGE hourly returns]() - [Will Bitcoin go back up? Every crash since 2011 and its recovery time]() Evidence levels describe source coverage, not the probability that a report is true. Price moves and their timing cannot establish a cause; minute samples show an observed interval and alert thresholds are heuristics. Explanations are model-assisted, with citations and figures checked. Source titles stay in their original language; full articles are not republished. [Methods and limitations]()