WASHINGTON (dpa-AFX) - Cryptocurrencies plunged heavily during the past 24 hours as markets digested the scale and scope of the largest crypto hack ever. In a daring heist that lasted only about 20 minutes, attackers on Thursday drained an estimated $6.3 billion from the hot wallets of Binance, the world's largest cryptocurrency exchange. The attack happened across multiple blockchains and consisted inter alia of Bitcoin, Ethereum, Tether and USDC.
Binance has since clarified that it would cover all the hacking losses. Deposits and withdrawals have been temporarily suspended and investigation is in progress.
Nevertheless, crypto industry's largest hack ever impacted sentiment heavily. Overall cryptocurrency market capitalization shed close to 4 percent and Bitcoin dropped to a low of $76,537 during the past 24 hours.
The CMC Crypto Fear and Greed Index which was at 47 (neutral) a week ago and 67 (greed) a month ago has fallen to 36 in the fear territory.
The historic security breach at the largest cryptocurrency exchange also triggered market-wide panic. Aggregate crypto liquidations during the 24-hour period jumped to $1.63 billion comprising long positions of $1.4 billion and short positions of $251 million. Amidst the liquidation cascade, overall cryptocurrency market capitalization plunged 3.9 percent to $2.58 trillion. The plunge was accompanied by a 111-percent jump in trading volumes, reflecting the panic in the market.
Only 3 of the top 100 cryptocurrencies have gained more than a percent during the past 24 hours. 80 of the top 100 cryptocurrencies have lost more than a percent during the past 24 hours.
86th ranked Pyth Network (PYTH) led losses with an overnight plunge of close to 18 percent. 91st ranked Celestia (TIA) followed with overnight losses of more than 16 percent.
4th ranked BNB (BNB), the native coin of the BNB Chain ecosystem tops losses among the top 30 cryptocurrencies with an erosion of 6.6 percent in the past 24 hours attributed mostly to the exploit-driven selloff.
Bitcoin has slipped 2 notches to the 14th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com. The leading cryptocurrency is positioned between 13th ranked Broadcom and 15th ranked Eli Lilly.
Bitcoin (BTC), the largest cryptocurrency is currently trading 4.4 percent lower on an overnight basis at $76,770.82. Bitcoin is saddled with losses of 8.4 percent in the past 30 days, and 13.5 percent in the year-to-date period.
Bitcoin Spot ETF products in the U.S. witnessed net inflows declining to $17 million on Thursday from $137 million on Wednesday and $176 million on Tuesday. Market leader iShares Bitcoin Trust ETF (IBIT) topped with net inflows of $13 million.
Ethereum (ETH) has shed 4.6 percent overnight to $2,219.18. The leading alternate coin has lost 7.2 percent in the past week.
Ethereum Spot ETF products in the U.S. witnessed net outflows increasing to $106 million on Thursday from $21 million on Wednesday. iShares Ethereum Trust ETF (ETHA) topped with net outflows of $72 million.
Ethereum has also slipped 4 notches to the 69th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
5th ranked XRP (XRP), a payments-focused cryptocurrency dropped 4.6 percent overnight and is currently trading at $1.23.
The price of 7th ranked Solana (SOL) lost 6.1 percent overnight to $94.58. U.S.-listed Solana Spot ETF products witnessed net outflows increasing to $28 million on Thursday from $6 million on Wednesday. Bitwise Solana Staking ETF (BSOL) accounted for net outflows of $24 million.
TRON (TRX) ranked 8th overall is currently trading 0.51 percent higher at $0.3327.
9th ranked Hyperliquid (HYPE) slipped 0.13 percent on an overnight basis to $90.95. U.S.-listed Hyperliquid Spot ETF products witnessed net inflows of $4 million on Thursday. The fund had recorded nil flows a day earlier.
10th ranked Zcash (ZEC) dropped 4.1 percent overnight and the cryptocurrency is currently trading at $1,221.79. U.S.-listed Zcash Spot ETF products witnessed net inflows rising to $15 million on Thursday from $2 million on Wednesday.
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