By now, the trigger behind the latest crypto crash is clear.
On October 29-30, Binance suffered a roughly $6.3 billion security breach, the largest crypto exchange hack on record. The attacker drained assets including Bitcoin, Ethereum and stablecoins across multiple blockchains, with much of the theft taking place in about 20 minutes. Binance says roughly $3 billion has already been frozen and that it will cover the losses.
The market reaction was immediate.
Bitcoin fell as low as roughly $76,460 before recovering toward the upper-$77,000 area. Ethereum dropped below $2,200 at one point and later traded around $2,230-$2,240.
Leverage made the move worse. More than $1.5 billion in crypto positions were liquidated over 24 hours, with long positions accounting for roughly 84% of the total. Bitcoin alone saw around $499 million in liquidations, while Ethereum accounted for roughly $358 million.
How Low Can Bitcoin Go?
The first level I would keep an eye on is $74,000-$76,000.
Options activity has already concentrated around $74,000-$78,000 puts, which shows traders are actively hedging against another near-term drop rather than betting only on an extreme crash.
If $74,000 fails, the next zone I would watch is around $70,000-$72,000.
A deeper panic scenario could bring the mid-$60,000s into play, but I would not make that the base case unless Binance-related uncertainty worsens or another liquidation cascade develops.
My short-term BTC framework:
| Scenario | Bitcoin |
|---|---|
| Stabilization | $76K-$80K |
| Further selloff | $72K-$74K |
| Deeper panic | $64K-$68K |
Read also: Bitcoin (BTC) And XRP Price Predictions For November
How Low Can Ethereum Go?
Ethereum looks more fragile because it has already broken below several recent support levels.
ETH reached a two-month low near $2,239 in Reuters data and briefly traded below $2,200 in broader market tracking.
The first support I would watch is $2,150-$2,200.
If that region fails, $2,000 becomes the obvious psychological target.
Below $2,000, a more severe selloff could expose roughly $1,850-$1,900.
| Scenario | Ethereum |
|---|---|
| Stabilization | $2,200-$2,300 |
| Further selloff | $2,000-$2,100 |
| Deeper panic | $1,850-$1,900 |
The important thing now is whether the market starts treating the Binance breach as a contained security loss or something that creates broader liquidity concerns.
Binance has already set aside more than $6.3 billion to cover losses, and about half of the stolen assets have been frozen. That reduces the chance of an FTX-style solvency crisis, but confidence still needs time to recover.
For Bitcoin, $74,000-$76,000 is the first real test.
For Ethereum, it is $2,150-$2,200.
If those areas hold, this could become a violent but contained event-driven correction. If they fail, another leg lower becomes much easier to justify.
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