Bitcoin slides below $79,000 after Binance hack reports

Bitcoin dropped below $79,000 on Thursday following reports of a suspected multibillion-dollar hack at Binance, the world's largest crypto exchange. On-chain data indicated outflows of up to $5.8 billion from Binance-linked wallets, with Tether freezing over $1.567 billion in USDT and Circle freezing about $823 million in USDC. If confirmed, the incident would surpass the February 2025 Bybit hack to become the largest crypto theft on record.