Bitcoin drops below $77,000 following tech selloff and exchange exploit

Bitcoin traded above $77,000 on Friday before dipping below that level amid a broader technology stock decline and a cryptocurrency market selloff, according to Crypto Briefing and Cointelegraph. Data from TradingView showed Bitcoin falling to a low of $76,320. The market decline coincided with a major technology selloff that hit traditional equity indexes. [1][2][3]

The price drop occurred alongside a $6.3 billion security hack of Binance, the largest cryptocurrency exchange, Cointelegraph reported. Total rolling 24-hour liquidations across the cryptocurrency market exceeded $1.5 billion, with CoinGlass data showing $1.56 billion in total liquidations. Long positions accounted for $1.31 billion of those forced liquidations. [2][3]

In equity markets, the Nasdaq 100 experienced a sharp decline. Crypto Briefing reported that the index dropped 3.6 percent, erasing over $1.3 trillion in market value, which marked its largest single-day drop since June 5. The Edge Singapore reported a 3 percent fall for the index, while Bloomberg reported an earlier 1.5 percent decline. Disappointing quarterly earnings from Amazon and Intel contributed to the equity market selloff. [1][4][5]

Market participants are monitoring upcoming corporate earnings reports from major technology companies to gauge whether further market declines will occur. The Bitcoin network operates using a proof-of-work consensus protocol with a fixed supply cap of 21 million units. [1][8]