It's been 67+ hours since the binance hack, & Bitcoin is not shaking.

[DYOR+BTC]

So, I thought to myself, if it was years back that this hack happened to binance and such big money was stolen, the dump in Bitcoin price would have been very significant but in my view, price drop was not so significant and I am wondering why it is like that. Now, my thoughts are;

1. Maybe it's because investors already knows that binance is a large exchange and that they will get their money back.
2. Because they announced that they have replenished 90% of the stolen funds and withdrawal is active again.
3. Because it's weekend end and price is just waiting for market to open on Monday.
4. Because Bitcoin has mature and its price has become less volatile.

I don't know what else to think, but your opinion are welcome and I stand to be corrected where my idea may be wrong.

Clearly looking at what happened we can see that all this hack and scam the crypto world is facing is basically at exchange and not investment itself,  secondly its obvious that many have come to reality that all this may be just to reduce the value of bitcoin which is why they choose to remain strong and apply more consciousness while dealing at the exchange point because that is the only point where this said scammers can access.
Even with this challenging situations I will say bitcoin investment remains the most secured investment in the world today, its obvious challenges may come but the ability to handle it gives one reasons to keep investing because if this 6 billion dollars hack that binance experienced happened in other financial institutions it would be very difficult for investors to recover there lost capitals.

[obuoma]

If over 5% drop in the price of Bitcoin which has a over a trillion dollar market cap is not shaking to you, I don't know what you will call shaking. Maybe you expected price to crash so hard that recovery would not be in sight, but you forgot that the market participants have grown and the interest in Bitcoin have moved to institutional level which makes it difficult for price to crash that way. If you also notice, Bitcoin have been relatively stable this year compared to some other years and that still shows that big boys are now involved more than before.

[mirakal]

The main reason bitcoin was not really affected is because Binance did not fall. If Binance collapsed, cryptocurrencies, including bitcoin would have fallen significantly. But what I know about bitcoin is that the fall does not affect the next all time high. People will later buy bitcoin. Binance was able to let their customers not to lose any coin is the reason. But it does not start from Binance, it started from other exchanges that have the protection funds and were able to not let their customers lose money.

Because it does not leave huge effect to Binance at all and now its actually back to its operation. From that, we can tell that bitcoin as well will only experience a temporary dump and it will recover soon maybe tomorrow or the next days after.

And even if bitcoin price drops significantly, it won't stay at a low price forever. Bitcoin has a strong foundation, it will always come up rising again even if Binance hack brings a lot of damages, but it seems its not. Binance was able to recover quickly and resume to its normal operation.

[5W-KILO]

Two scenario is probably going to play out from her and out.

1. Bitcoin will start climbing into the 83k price target and dump heavily into the 68k price, don't you dare think that this is impossible, anyone who knows the chart very well should know it's possible.

2. Bitcoin goes down to 71k and start massive recovery from there, then kiss the bear market a final goodbye for now until further notice, probably few years later.

Either of these two scenario is very possible and I hope it's the latter that plays out.

[EarnOnVictor]

So, I thought to myself, if it was years back that this hack happened to binance and such big money was stolen, the dump in Bitcoin price would have been very significant but in my view, price drop was not so significant and I am wondering why it is like that. Now, my thoughts are;

Years back is relative. I said that because 3 years is years back, just as 5 years is years back, and so on, and I am certain that Binance would still dust it off if it were 3 years ago. You should have been specific if you mean to say the time when Binance was still not as financially strong as this, which would be the years they just started.

As for Bitcoin, it was affected by the theft, but not significantly, and I think that the effect would not do more than this in the past. Do you know why?

1. Binance wouldn't have been this strong financially at the time to warrant much impact.
2. Binance wouldn't have been been holding so much liquidity to cause panic that would influence the chain reaction.
2. Whales were still in control, and not now that institutions are in control. And by "whales" they are the biggest holders of Bitcoin, and not Binance and it's customers at the time.

[Darker45]

I believe the main reason why Bitcoin only lost at least 6% when the news broke out that Binance got hacked was that things stabilized quite quickly.

But it wasn't a small thing for Bitcoin to lose more than $5,000 right away. Considering that it was just the initial reaction of the market, things could have gone much worse if the response was any different.

It's just that market confidence was quickly restored after Binance contained the attack, firmly stated that everything is under control, that user funds weren't affected, that a big slice of what's stolen are already frozen on-chain by some issuers, and so on. And then just a few days later things are back to business as usual. So, somehow, the market was confident that Binance handled the storm quite well.

But we're still in a wait-and-see situation until now considering that a huge outflow happened right after withdrawals are reopened. If Binance takes it without any problem, the market will bounce back shortly and $80,000 will be reclaimed.

[coin-investor]

So, I thought to myself, if it was years back that this hack happened to binance and such big money was stolen, the dump in Bitcoin price would have been very significant but in my view, price drop was not so significant and I am wondering why it is like that.

This is the third time it has happened on Binance; if there's no SAFU, and they cannot recover those coins, then the scenario would have been totally different; there's going to be a massive dump, investors will likely refrain from investing and new investors will shift to other markets.

Recent news is that there's massive outflow after Binance allowed withdrawals, which is an expected scenario, but knowing Binance, they will hang on and will not allow traders to lose trust; this is temporary. Once everything eases up, the market will normalize, and so will Binance's operations.

[LogitechMouse]

---
I don't know what else to think, but your opinion are welcome and I stand to be corrected where my idea may be wrong.

It's either of the 4 that you said, but there's a 5th reason that I'm thinking as to why the effect of it towards the crypto market is considered "minimal".

- It's becoming a norm already, and the investors isn't reacting nor panicking to it anymore... or at least many investors isn't panicking at all.

I believe that's one reason that's why we haven't seen that much of a decline in the price of Bitcoin. Don't get me wrong though because it still went down, but it wasn't as much as many are expecting. I guess you can add also the fact that Bitcoin's market cap right now is too high already that a small number of Bitcoin getting sold will not have that much of an impact compared to if it happened last 2017 where we would see double-digit percentage drops in just a single day. I guess many investors just accepted the fact that hacks like this do happen on a yearly basis, and instead of panicking, they just do the opposite and are taking advantage of the situation thru buying at a lower price.

You're not wrong, and I'm not right as well. We don't know why, and the only thing that we can do is to speculate anyway.

[blockman]

4. Because Bitcoin has mature and its price has become less volatile.

It's still highly volatile but it's going there, the time will definitely come of what we've used to see how highly volatile it is will decrease over the period of time. I won't say that the price drop isn't significant. Because for me, it is still significant and having a couple of thousands dump is considered a lot. Unless, you've bought at the lowest price and any drop up to $50k and less won't be too hurting to your holdings. But, I won't be too insensitive to say that because any price movement of Bitcoin is significant but what happens is that the holders are becoming more mature and stronger and the former weak hearts have become more stable.

[MainIbem]

I think some institutions also took advantage of that dip shortly after the incident was reported, so, those buybacks somehow helped Bitcoin from plunging more than 5%.

Moreover big holders are not saving with exchanges only retails so it's not going to affect Bitcoin much, only a little decline that might still recover to $80k after a while. Yes, the dip has it's own opportunities too, while some see reasons to panic since it involves the biggest exchange, others (big holders/futuristic investors) see opportunities to buy more Bitcoins. So, as people sale, they buy what those people dip. Those who rushed to sell after the incident would regret doing that after the market recovers. Real holders don't care about what happens to an exchange cause no matter what, Bitcoin would still maintain it's nature and there's no reason for panic.

[free-bit.co.in]

This is the third time it has happened on Binance; if there's no SAFU, and they cannot recover those coins, then the scenario would have been totally different; there's going to be a massive dump, investors will likely refrain from investing and new investors will shift to other markets.

Recent news is that there's massive outflow after Binance allowed withdrawals, which is an expected scenario, but knowing Binance, they will hang on and will not allow traders to lose trust; this is temporary. Once everything eases up, the market will normalize, and so will Binance's operations.

To be precise, Binance has only been hacked twice, and one of those incidents took place on BNB Chain.

Remember when the SEC fined Binance over $4B back in 2023? They paid up promptly without appealing. Also, you may have forgotten that Forbes puts CZ's net worth at close to $100b, while Binance itself holds over $170b in asset.
I reckon thing would still be much the same. They can pay their users even in absence of SAFU and even if they do not recover every single coin lost.

If you ask me, Binance can absolutely weather this with those deep pockets.

[FirmWars]

---
I don't know what else to think, but your opinion are welcome and I stand to be corrected where my idea may be wrong.

You're not wrong, and I'm not right as well. We don't know why, and the only thing that we can do is to speculate anyway.

True, we are only speculating. When things like this happen, assumptions are raised based on history of previous incidents too, which might or might not be the case of the current situation. You could be correct too with what you said about the market cap of Bitcoin now, compare to 2017.

[Aliciaworld]

The main reason bitcoin was not really affected is because Binance did not fall. If Binance collapsed, cryptocurrencies, including bitcoin would have fallen significantly. But what I know about bitcoin is that the fall does not affect the next all time high. People will later buy bitcoin. Binance was able to let their customers not to lose any coin is the reason. But it does not start from Binance, it started from other exchanges that have the protection funds and were able to not let their customers lose money.

I agree with you. We know that as long as Binance is still standing, they can cover the losses, restore confidence and reopen withdrawals. I also think that reporting half the stolen funds being frozen even before an official statement from Binance also helped to calm the market's nerves.

[perfect999]

We know that as long as Binance is still standing, they can cover the losses, restore confidence and reopen withdrawals. I also think that reporting half the stolen funds being frozen even before an official statement from Binance also helped to calm the market's nerves.

That is the correct answer. If Binance was like, "we lost all your money, they took it all", then yeah, we would have faced a lot more of a drop in Bitcoin, and we would be doing terribly. But the reality is that a few hot wallets being emptied means that Binance would have less profit this quarter, but the reality is that they still have all our money. That is basically what happens anytime binance is hacked; it happened before: 40+ million dollars were taken from them, and they still went on fine.

Because only the hot wallets are getting hacked; cold wallets are stored carefully, and nothing happens to them. Hot wallets are just the profit they have, so they are not really worried about losing it all, and they keep going without a problem even when they are hacked.