Fitch: BTC fell only 6% after $6.3B Binance hack, showing greater resilience

Bitcoin’s market reaction to the large-scale Binance hack was relatively limited compared with past crises, Fitch Ratings said. Fitch said roughly $6.3 billion was stolen across multiple blockchains in the Binance hack, which it described as the largest hacking incident in the crypto industry to date. Despite the scale of the theft and Binance’s temporary suspension of withdrawals and trading, Bitcoin fell only about 6% in the 10 hours after the initial report. By comparison, Bitcoin dropped 35% in a single day during the early stage of the COVID-19 pandemic in March 2020, 14% during the 2022 FTX collapse, and 21% during the 2015 Bitstamp hack. The report said the limited market shock may reflect a maturing and more diversified crypto trading market. As the Bitcoin trading ecosystem has broadened, dependence on any single exchange has declined, Fitch said.