Why is Bitcoin price falling today as Binance hack triggers $1.5B liquidations?

Bitcoin price has fallen nearly 2% over the past 24 hours to $78,420, as a multibillion-dollar security breach at Binance triggered selling across crypto markets and wiped out more than $1.5 billion in leveraged trading positions. Bitcoin fell 2.08% to $78,419.97 as news of the Binance security breach weighed on the cryptocurrency market. The sell-off triggered approximately $1.54 billion in crypto liquidations, including $1.3 billion in long positions. The Federal Reserve held rates at 3.75%–4%, with two officials favoring an increase. U.S. spot Bitcoin ETFs reportedly attracted $17.07 million on October 29 despite falling cryptocurrency prices.