Cryptocurrencies experienced a significant decline over the past 24 hours as market participants processed the magnitude and implications of the most extensive crypto hack to date. In a daring heist that lasted only about 20 minutes, attackers on Thursday drained an estimated $6.3 billion from the hot wallets of Binance, the world’s largest cryptocurrency exchange. The attack happened across multiple blockchains and consisted inter alia of Bitcoin, Ethereum, Tether and USDC. Binance has since clarified that it would cover all the hacking losses. Deposits and withdrawals have been temporarily suspended and investigation is in progress. Nevertheless, the largest hack in the crypto industry significantly influenced sentiment. Overall cryptocurrency market capitalisation declined by nearly 4 percent, with Bitcoin reaching a low of $76,537 in the last 24 hours. The CMC Crypto Fear and Greed Index which was at 47 (neutral) a week ago and 67 (greed) a month ago has fallen to 36 in the fear territory. The historic security breach at the largest cryptocurrency exchange also triggered market-wide panic. Aggregate crypto liquidations during the 24-hour period jumped to $1.63 billion comprising long positions of $1.4 billion and short positions of $251 million.
Amidst the liquidation cascade, overall cryptocurrency market capitalization plunged 3.9 percent to $2.58 trillion. The plunge was accompanied by a 111-percent jump in trading volumes, reflecting the panic in the market. Only three of the top one hundred cryptocurrencies have experienced gains exceeding one percent in the past twenty-four hours. 80 of the top 100 cryptocurrencies have lost more than a percent during the past 24 hours. 86th ranked Pyth Network led losses with an overnight plunge of close to 18 percent. 91st ranked Celestia experienced overnight losses exceeding 16 percent. The 4th ranked BNB, the native coin of the BNB Chain ecosystem, leads the losses among the top 30 cryptocurrencies, experiencing a decline of 6.6 percent in the past 24 hours, primarily due to a selloff driven by exploits. Bitcoin has slipped 2 notches to the 14th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com. The leading cryptocurrency is positioned between 13th ranked Broadcom and 15th ranked Eli Lilly. Bitcoin, the largest cryptocurrency, is currently trading 4.4 percent lower on an overnight basis at $76,770.82. Bitcoin is saddled with losses of 8.4 percent in the past 30 days, and 13.5 percent in the year-to-date period.
Bitcoin Spot ETF products in the U.S. witnessed net inflows declining to $17 million on Thursday from $137 million on Wednesday and $176 million on Tuesday. Market leader iShares Bitcoin Trust ETF topped with net inflows of $13 million. Ethereum has shed 4.6 percent overnight to $2,219.18. The leading alternate coin has experienced a decline of 7.2 percent over the past week. Ethereum Spot ETF products in the U.S. experienced a notable rise in net outflows, escalating to $106 million on Thursday, up from $21 million on Wednesday. iShares Ethereum Trust ETF topped with net outflows of $72 million. Ethereum has also slipped 4 notches to the 69th position in the global ranking of all assets as per market capitalisation published by companiesmarketcap.com. Fifth-ranked XRP, a cryptocurrency centred on payments, experienced a decline of 4.6 percent overnight and is presently valued at $1.23.
The price of 7th ranked Solana experienced a decline of 6.1 percent overnight, settling at $94.58. U.S.-listed Solana Spot ETF products experienced a rise in net outflows, escalating to $28 million on Thursday, up from $6 million on Wednesday. Bitwise Solana Staking ETF experienced net outflows totalling $24 million. TRON is currently positioned 8th overall, trading at $0.3327, reflecting an increase of 0.51 percent. 9th ranked Hyperliquid slipped 0.13 percent on an overnight basis to $90.95. On Thursday, Hyperliquid Spot ETF products listed in the U.S. experienced net inflows amounting to $4 million. The fund had reported no flows the previous day. 10th ranked Zcash experienced a decline of 4.1 percent overnight, with the cryptocurrency currently trading at $1,221.79. U.S.-listed Zcash Spot ETF products experienced a significant increase in net inflows, climbing to $15 million on Thursday, up from $2 million on Wednesday.
