Bitcoin Hits Six-Week Low of $77,646 as Binance Fund Freezes Expand

Key Facts

Bitcoin hit a six-week low of $77,646 on Oct. 30, while ether fell to a two-month low of $2,238.76, according to a Reuters report published by Investing.com. BNB fell more than 8% in 24 hours to $694, in a move that swept major tokens as Binance announced it was investigating a potential security issue. The Associated Press said bitcoin fell 3.2% late Thursday to below $79,000 after the platform's announcement. In EL7 data, the daily close fell from $81,343.5 on Oct. 28 to $77,991.89 on Oct. 29. These figures put the currency's decline in the context of the Binance incident, while the company has not explicitly confirmed that funds were stolen.

Binance said it was investigating reports of a "potential security issue" and temporarily suspended deposits and withdrawals while conducting security checks and cooperating with law enforcement. The company did not explicitly confirm that funds had been stolen, according to the Associated Press, so its public description remained that a security issue may have occurred. In an update reported by the agency, Binance said confirmed frozen funds totaled $2.54 billion. It added: "This figure could continue to rise," referring to ongoing tracking and freezing efforts with law enforcement and other partners. The company announcement cited in the evidence did not confirm that private wallet keys had been compromised; Binance said it would cover losses from its SAFU fund and company funds.

The freezes included stablecoin issuers: Circle said it had frozen the equivalent of more than $800 million linked to the incident. Tether said it had frozen the equivalent of more than $1.5 billion. By contrast, an Investing.com report citing Reuters quoted a CoinGlass estimate that about $5.3 billion in cryptocurrency had left the platform. The estimate included $1.66 billion in USDT and 17,985 bitcoin valued at about $1.45 billion, as well as $767 million in USDC. The outflow figure remains an estimate from a data analytics firm, while Binance reported confirmed frozen funds of $2.54 billion.

In its advance estimate published on Oct. 29, the BEA estimated that real gross domestic product grew at an annual rate of 3.4% in the third quarter, after growth of 2.2% in the second quarter. Increases in investment, consumer spending and government spending contributed to growth, partly offset by a decline in exports as imports rose. Real final sales to private domestic purchasers also increased at an annual rate of 4.9% in the third quarter, compared with 4.6% in the second quarter. In September data, the headline personal consumption expenditures price index rose 0.5% monthly and 3.6% annually. The core index, excluding food and energy, rose 0.3% month over month and 3.1% year over year; the data form part of the U.S. monetary policy backdrop.

In its Oct. 28 statement, the Federal Reserve said economic activity was expanding "at a solid pace" and inflation "remains elevated." The statement said more information would help the committee determine the appropriate policy stance to return inflation to its 2% target. In U.S. equity markets, Alphabet Class A shares fell 12.6% on Oct. 29, their worst daily performance since they began trading more than 20 years ago, the Associated Press reported. The agency attributed pressure on the stock to weaker-than-expected growth and concerns about returns on artificial intelligence investments. The S&P 500 fell 0.3% and the Nasdaq Composite 1.4%, while the Dow Jones fell 132 points, or 0.3%; this provides contemporaneous context for cryptocurrency volatility, without establishing a causal effect on it.

The BEA set Nov. 25, 2026, as the release date for the second estimate of third-quarter GDP and corporate profits, along with the October personal income and outlays report. The forthcoming report includes the personal consumption expenditures price index, according to the bureau's schedule. The Federal Open Market Committee is then scheduled to meet on Dec. 8 and 9, 2026. These dates provide near-term milestones for tracking economic data and U.S. monetary policy decisions, while developments in the Binance investigation and related freezes remain a direct focus in the cryptocurrency market. Binance had said that tracking and freezing efforts were continuing in cooperation with law enforcement and other partners.