Key facts
- Bitcoin price fell below $79,000.
- Binance experienced outflows of up to $5.8 billion.
- Tether and Circle froze $1.8 billion to $2.4 billion in stablecoins.
Bitcoin's price declined below the $79,000 mark on Tuesday, influenced by reports of a significant suspected hack at the cryptocurrency exchange Binance. The alleged hack led to outflows estimated at up to $5.8 billion. In response to the security concerns, stablecoin issuers Tether and Circle announced the freezing of approximately $1.8 billion to $2.4 billion in their respective stablecoins.