Bitcoin slips below $77k as two exchange hacks shake confidence

Bitcoin fell under the $77,000 mark on Monday, shedding 1.4 % in a single session. The price swung between an intraday low of $77,143 and a high of $78,750, while market cap remained pinned below $1.55 trillion.

Two separate breaches triggered the selling. Binance announced full 100 % backing for major tokens after a large hack, yet billions had already left the platform ahead of its reserves report. Hours later, Brazil’s Mercado Bitcoin disclosed a $46 million theft.

Forced liquidations amplified the move: $256 million worth of positions were wiped out across crypto, with longs accounting for $176 million. Bitcoin’s leveraged exposure dropped sharply to $69 million from over $500 million at the end of October.

Traders now face a reminder that custody risk extends beyond private keys, though analysts say a lasting shift to self-custody is unlikely without better tools.

Based on information from cryptonews.net