Bitcoin slides to around $76,000 as about $1.5 billion in leveraged crypto positions are liquidated after Binance breach

According to CoinGlass data cited by CoinDesk, about $1.53 billion of leveraged positions had been closed by Friday morning in Asia, after the selloff that followed the Binance security breach. Bitcoin, ether, XRP, SOL and dogecoin all moved lower. BeInCrypto put the 24-hour total at $1.49 billion, with long bitcoin positions taking the heaviest losses.

At the time of the reports, the exchange had promised to compensate affected users and had halted deposits and withdrawals pending security checks. One major token went against the broader decline, which hurt short sellers, though the sources do not identify it.

Several reports are based only on headlines, so the precise details of the breach and the exact timing of the price drop are not fully confirmed. Some outlets describe the event as a hack, others as a probe.

Liquidations of leveraged longs work as forced selling: closing the positions pushes prices lower, which can trigger further closures. Concern over counterparty and regulatory risk at a major exchange can add to risk aversion and short-term pressure on bitcoin.