Summary
- Total crypto market capitalization stands at $2.61 trillion, down 5.77% in 24 hours.
- Bitcoin trades at $77,110.66, down 3.6%, while Ethereum fell 4.2% to $2,222.75.
- Memecoin Super Pepe surged 215% to $0.0189 as traders chased trending small-cap tokens.
Bitcoin fell 3.6% to $77,110.66 and Ethereum dropped 4.2% to $2,222.75 as the broader cryptocurrency market shed roughly $160 billion in value over 24 hours. Total market capitalization slid to $2.61 trillion, a 5.77% decline, with Bitcoin's dominance holding near 59.2% even as the flagship cryptocurrency joined the selloff rather than acting as a haven. Trading volume across the market reached $212.2 billion for the day.
The decline followed a hack at exchange Binance in which attackers made off with $6.3 billion in assets, according to the company, which said it has set aside more than $6.34 billion of its own funds to cover losses and prevent user shortfalls. Binance said roughly $3 billion of the stolen funds have since been frozen and that it is working with the FBI to recover the remainder. The breach triggered an estimated $1.6 billion in liquidations across derivatives markets as leveraged positions were forced closed amid the volatility.
Ethena's ENA token was among the hardest hit of the major coins, falling 8.74% to $0.1867, while Bittensor's TAO dropped 7.65% to $231.88 and MemeCore's M token fell 9.69% to $0.976. Binance's own BNB token declined 6%, to $698.52, reflecting direct exposure to the exchange at the center of the incident. Solana fell 4.71% to $95.57 and BNB-chain-linked Pudgy Penguins token PENGU dropped 6.49%.
Not every asset moved lower. Pepe, the meme token, rose 6.6% to $0.00000517, while Bitcoin Cash gained 2.7% to $285.63 and Hyperliquid's HYPE token edged up 1.12% to $91.43. Those gains stood out against a backdrop of widespread red across major tokens, suggesting selective buying rather than a broad rebound.
The standout mover on trending lists was Super Pepe, a small-cap token ranked 876th by market capitalization, which surged 215% to $0.0189 in 24 hours. Beam, ranked 148th, also drew attention with a 44.2% gain to $0.00488. Both moves reflect speculative trading in low-liquidity tokens rather than any shift in broader market sentiment, which remained dominated by the Binance hack and its aftermath. Security researchers have noted that a recent Ethereum network upgrade may have inadvertently helped attackers bypass withdrawal safeguards during the breach, though it was not the root cause. Some analysts pointed to technical indicators suggesting Bitcoin could stabilize after holding above the $76,000 level, but the scale of the Binance losses, now reported to exceed the combined bitcoin and ether holdings disclosed by at least one major rival exchange, has left traders cautious about further fallout.