Bitcoin drops to 6-week low following Binance hack
Bitcoin fell by approximately 3.18 percent to around $77,700 amid investor concerns over the fallout from the security breach at the Binance platform.
Translated by Qiyas from السياسة — Original source
- Cryptocurrency drops to around $77,700 amid fears over the fallout from the security incident
Bitcoin, the world’s largest cryptocurrency, fell by approximately 3.18 percent during Friday’s trading session, dropping to around $77,700, as investors worried about the repercussions of the security breach announced by the Binance platform.
The digital currency hit its lowest level in six weeks, amid turbulence in the cryptocurrency market and concerns that the incident could undermine investor confidence, despite optimism that had gripped markets following the U.S. Federal Reserve’s decisions last Wednesday.
Binance had announced a temporary suspension of deposits and withdrawals as a precautionary measure to investigate the circumstances of a potential security breach, which it estimated had a total impact of around $6.3 billion. The company assured users that their funds were safe and pledged to cover any losses resulting from the incident.
The decline follows Bitcoin’s closing of last week’s trading at the $80,000 level, amid ongoing volatility in global financial markets.
