Summary of this article
A reported $6.3 billion Binance cyberattack severely damaged market confidence.
Heavy leveraged liquidations and massive ETF net outflows accelerated price declines.
Weaker investment demand combined with broader stock market losses pressured sentiment.
Bitcoin slipped below the $77,000 mark on November 3, 2026, amid continued selling pressure in the cryptocurrency market. The decline comes as market participants assess several developments affecting investor sentiment.
Bitcoin was trading at $76,435.16 at the time of writing, down 2.15 per cent over the past 24 hours. The cryptocurrency has declined 4.08 per cent over the past week, according to data from coinmarketcap.
What Is Driving Bitcoin’s Latest Decline?
Several factors likely contributed to Bitcoin’s latest decline. Vikram Subburaj, CEO, Giottus, said, “The decline reflects a security shock amplified by leveraged selling and weaker investment demand.” He pointed to Binance’s reported $6.30 billion breach, over $1 billion in liquidations across crypto futures on October 30, and $643.20 million in net withdrawals from US spot Bitcoin exchange-traded funds (ETFs) on the same day.
While security concerns and macroeconomic factors have weighed on the market, Rajagopal Menon, vice president, WazirX pointed to weakening investor sentiment and broader market uncertainty as additional factors behind the decline.
Menon said: “The decline reflects weakening demand, a sharp loss of confidence following a reported $6.30 billion cyberattack, and forced selling in leveraged markets.” He also highlighted the decline in the Fear and Greed Index, outflows from Bitcoin and Ethereum ETFs during October, and losses in the Nasdaq and S&P 500 as signs of broader investor caution.
What Lies Ahead For Bitcoin?
The recent decline has heightened concerns over the strength of Bitcoin’s recovery and the possibility of further selling pressure. Subburaj said, “The fall is best approached as a correction within a fragile recovery.” He said its duration would depend on whether buyers return, noting that long-term holders’ Bitcoin balances declined by 248,000 BTC during the third quarter, despite US spot Bitcoin ETFs adding 79,800 BTC.
The market’s next moves will depend on a combination of investor activity and broader financial developments.
Menon said, “We expect trading volatility, with $76,000 and $78,000 providing useful reference points.” He added that sustained daily closes above $78,000 could indicate buying support, while repeated closes below $76,000 would increase downside risk.
Vikas Gupta, country manager – India, Bybit, said: “Market participants will closely monitor ETF flows, global market developments, and the outcome of the US mid-term elections.” He added that disciplined risk management and attention to underlying market fundamentals would remain important amid changing market conditions
How Are Other Major Cryptocurrencies Performing?
Following the security incident involving Binance, its associated token, BNB, was trading at $694.41, down 2.20 per cent over 24 hours and 5.88 per cent over the week.
Meanwhile, other major cryptocurrencies also recorded declines over the past 24 hours and over the week. Ethereum was trading at $2,246.91, down 1.86 per cent over the past 24 hours and 2.86 per cent over the week. XRP stood at $1.24, down 0.35 per cent over 24 hours and 3.98 per cent over the week. Solana was trading at $91.43, down 3.44 per cent over the past 24 hours and 8.48 per cent over the week.
