The Bitcoin price fell 2.2% in 24 hours to about $76,529 on Tuesday morning, November 3, extending a 3.6% weekly decline as traders cut risk ahead of the US midterm elections and kept reacting to the fallout from the Binance hack.
Bitcoin’s market value stood near $1.54 trillion, with about $26.6 billion traded in the previous 24 hours, according to CoinGecko data. The total crypto market lost about 1.6% to roughly $2.57 trillion, while Bitcoin’s share of the market stayed near 60%.
Why the Bitcoin Price Is Falling
- Liquidations: about $365.9 million of leveraged positions were wiped out, and nearly 84% of them were long (buy) bets, according to CoinGlass data.
- ETF outflows: US spot Bitcoin exchange-traded funds saw about $643 million in outflows on Friday, their largest single-day outflow since June.
- US midterm uncertainty: voting for the US Congress takes place on Tuesday, and investors are reducing exposure to risky assets until the result is clear.
- Weak tech shares: a sell-off in chip stocks spilled over into crypto, which often trades in line with technology shares.
Crypto Market Snapshot
| Coin | Price / move (24h) |
|---|---|
| Bitcoin (BTC) | about $76,500, down 2.2% |
| Ethereum (ETH) | about $2,245, down 1.9% |
| Solana (SOL) | down 3.5% |
| Hyperliquid (HYPE) | down 5.7% |
| Zcash (ZEC) | down about 11% |
| TRON (TRX) | up 2.1% |
| Aleo (ALEO) | up 13.8% (top gainer) |
Binance Hack Still Weighs on the Bitcoin Price
The market is still digesting the $6.3 billion theft from Binance. The exchange says it has covered about 95% of the loss and froze roughly $3 billion of affected assets. Withdrawals reopened in phases from November 1, and customers pulled a net $3.64 billion on the first day. More assets were set to open for withdrawal from 04:00 UTC (9am Pakistan time) on Tuesday.
Blockchain analytics firm Elliptic traced the stolen funds through about 12,000 wallets on 11 blockchains, while TRM Labs linked the attack to North Korea’s TraderTraitor hacking group. North Korea denies the allegation.
How the Bitcoin Price Drop Affects You
For Pakistani users who hold Bitcoin on international exchanges, the fall means the rupee value of their holdings has dropped as well. Those trading with leverage face the biggest risk, because sharp moves can trigger automatic liquidations and wipe out their margin. Users who keep funds on Binance should follow the exchange’s official withdrawal notices and avoid links shared on social media, as scammers often target users after a hack.
What Is a Crypto Liquidation?
A liquidation happens when a trader borrows money to make a bigger bet and the price moves against them. If losses eat into the deposit (margin) beyond a set level, the exchange closes the position automatically. When many long positions are closed at once, the forced selling can push the price down further, which is why liquidation totals are watched closely on volatile days.
What to Watch Next
Traders are watching the US election result, ETF flow data for the coming days and the pace of Binance withdrawals. A clear election result could reduce uncertainty, while continued ETF outflows would add pressure on the Bitcoin price. This article is for information only and is not financial advice.
For official updates, visit the CoinGecko Bitcoin website.
Read More: Binance Withdrawals Resume, $3.64bn Pulled in 9.5 Hours
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