[Analysis] Bitcoin Falls Just 6% Despite $6.3 Billion Binance Hack as Market Resilience Strengthens

Summary

Forecast Trend Report by Period

Bitcoin fell far less than it did in past crises despite the massive Binance hack, in what Fitch Ratings said points to growing market resilience.

In a report on Nov. 9, the global credit ratings firm said shocks in the crypto trading market appear to have eased as the market structure has become deeper and more diversified. It added that the impact of operational disruptions at any single exchange has diminished as the trading ecosystem has become more decentralized.

The Binance hack resulted in the theft of about $6.3 billion in crypto assets across multiple blockchains. The stolen assets included 18,270 Bitcoin, worth about $1.5 billion at the time. Although Binance temporarily suspended withdrawals and trading, Bitcoin fell only about 6% in the 10 hours after the incident was first disclosed.