Bitcoin sinks to $78k after Binance hit with reported $5.3 bln hack

Bitcoin fell to about $78,000 after Binance was hit by a reported $5.3 billion hack, according to Investing.com. The reported incident added fresh pressure to the cryptocurrency market, where prices can move sharply in response to security concerns involving major trading platforms.

Binance is one of the largest cryptocurrency exchanges and plays a central role in global crypto trading activity. A security event of the reported scale would draw attention because exchanges hold customer assets, provide market liquidity and serve as key access points for buying, selling and transferring digital tokens.

The decline in Bitcoin highlighted the sensitivity of crypto markets to reports affecting large industry participants. Bitcoin is the largest cryptocurrency by market value, and its price movements are often closely watched as a broader gauge of sentiment across the digital-asset sector. Details of the reported Binance hack were not provided in the available report.