Bitcoin weathers reported $6.4 billion Binance hack as Wall Street analysts urge buying
Bitcoin showed unexpected resilience following a reported record $6.3 billion to $6.4 billion hack of Binance, prompting Wall Street analysts and investors to frame the modest selloff as a buying opportunity.
Binance lost approximately $6.4 billion in what Decrypt characterized as the largest cryptocurrency hack on record. Despite the unprecedented scale of the breach, Bitcoin fell only about 3%, a modest reaction compared with the nearly 11% drop seen when Binance was attacked in 2018. CNBC similarly reported that Bitcoin held up better than expected following the record incident.[3][8]
Investor Anthony Pompliano called the market's muted reaction a bullish sign on Fox Business, arguing that a roughly 5% drop following a $6 billion theft shows underlying strength for the months ahead. A Fox Business broadcast graphic reported that hackers stole $6.3 billion from Binance and showed Bitcoin trading at $76,565.45, down 2,198 against the U.S. dollar. Pompliano noted that Binance is well-capitalized and covering user losses, adding that stablecoin issuers such as Tether and Circle froze many of the stolen funds, limiting the amount Binance must cover from its own balance sheet.[4][6]
Wall Street firms also treated the drop as an opening rather than a crisis. According to CoinDesk, analysts at Cantor Fitzgerald, TD Cowen, and Compass Point stated that the $6.3 billion hack is unlikely to derail the broader crypto market recovery, with all three brokerages urging investors to use the selloff as a buying opportunity for crypto stocks.[1][2][5][7]
Key facts
- Decrypt reported Binance lost about $6.4 billion in the largest cryptocurrency hack on record.
- Bitcoin fell around 3% after the hack, compared to a nearly 11% decline when Binance was attacked in 2018.
- A Fox Business on-air graphic reported hackers stole $6.3 billion from Binance and showed Bitcoin quoted at 76,565.45, down 2,198 against the U.S. dollar.
- Anthony Pompliano said on Fox Business that Bitcoin's roughly 5% drop following the hack is a bullish sign for future months.
- Pompliano said Binance is covering user losses and noted that stablecoin issuers Tether and Circle were able to freeze many stolen assets.
- Analysts at Cantor Fitzgerald, TD Cowen, and Compass Point told investors to buy crypto stocks, saying the hack will not derail the crypto market's recovery.
Sources · 8 sources
- KC
Kalshi Crypto@Kalshi_CryptoPost on X ·
JUST IN: Wall Street firms say the $6.3 billion Binance hack won't derail crypto markets
Open source - CO
CoinDesk@CoinDeskPost on X ·
MARKETS: Three Wall Street firms say the $6.3B Binance hack won’t derail crypto markets, with Cantor, TD Cowen and Compass Point all calling the selloff a buying opportunity. https://t.co/n1QVsqsLqa
Open source - CN
CNBC@CNBCPost on X ·
Why bitcoin held up better after the record Binance hack https://t.co/8YVCWZzkby
Open source - BC
Bitcoin.com News@BitcoinNewsPost on X ·
JUST IN: 🟠 Pompliano says, BTC's 5% drop after $6B Binance hack is a "bullish sign." 🎙️ "Six billion dollar hack, only a five percent drop in #Bitcoin's price. That's actually a pretty bullish sign, I think, for the future months to come." https://t.co/GEfeISSZ8N
Open source - TM
That Martini Guy ₿@MartiniGuyYTPost on X ·
Wall Street isn't panicking over the $6.3B Binance hack. Analysts at Cantor Fitzgerald, TD Cowen and Compass Point are still telling investors to buy crypto stocks. Their view is that the incident is unlikely to derail the broader crypto market recovery. That's an interesting vote of confidence given the scale of what just happened. One exchange security incident is clearly serious, but Wall Street isn't treating it as the end of the crypto recovery.
Open source - CB
Crypto Banter@crypto_banterPost on X ·
🚨POMPLIANO ON BINANCE HACK: BITCOIN ONLY SOLD OFF 5% AFTER A $6B THEFT! @APompliano said on Fox Business that a $6.3B @binance hack leading to only about a 5% bitcoin:native sell-off is a bullish sign of market strength. He added that Binance is covering user losses and is well-capitalized enough to do so. He noted that many of the stolen assets were stablecoins that issuers like Tether and Circle were able to freeze, so not everything requires Binance to make users whole from its own balance sheet.
Open source - CO
CoindeskArticle ·
Wall Street analysts urge investors to buy crypto stocks after $6.3 billion Binance hack Analysts at Cantor Fitzgerald, TD Cowen and Compass Point say the $6.3 billion Binance hack is unlikely to derail the crypto market's recovery.
Open source - DE
DecryptArticle ·
Binance Hack: Why Bitcoin Didn't Crash Like It Did in 2018 Binance lost about $6.4 billion, the largest crypto hack on record, yet Bitcoin fell about 3%, against nearly 11% in 2018 when the exchange was last attacked.
Open source