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

[trendcoin]

The amount of Bitcoin stolen is approximately $1.5 billion. And Bitcoin prices are at a level that could be considered a bottom or are far from ATH. We’re at a point where buyers have the upper hand over sellers. Furthermore, the other stolen funds aren’t causing concern among Bitcoin investors.

In my opinion, this isn’t an event that deeply affects Bitcoin. Yes, it likely caused some issues, but it wasn’t strong enough to trigger major crashes.

For example, if this incident had occurred while Bitcoin was trading above $100,000, we might have seen a very different price chart.

[slapper]

what just happened proof the market is becoming more matured

After that week of drama, seeing the market bounce back to the 80k level was reassuring. Binance took the loss and absorbed it with SAFU and its treasury. Circle and Tether froze a sizable chunk of the stolen assets onchain. Both firms have deep pockets and the ability to freeze assets whenever they want.

So it wasn't the market. A couple of very centralized entities stepped in to deal with the situation. The market just chilled out after.

If there's any kind of maturity in the crypto sphere these days, it's definitely not the kind we bragged about in the early days. It looks more like banking tbh. The 2008 financial crisis was the poster child for moral hazard. The argument went something like this: if big players get bailed out, people will stop worrying about where they keep their money and whether their bank is solid. And it basically happened. Once it became clear that big players would always be bailed out, nobody cared about where they kept their money or whether their bank was solid. Why would they? Krugman wrote about moral hazard for years after that crisis.

Now think of a smaller crypto exchange. There's no SAFU. There's no billionaire founder. The question now is: what happens when one of them gets hammered? Nobody's coming to bail those guys out.

less affected by panic from fud which is exactly what this hacking was trying to achieve

Lazarus wasn't trying to spread fud or any false info. North Korea doesn't care about the direction of the price. They've been funding themselves like this for years. The price drop was an unintended side effect.

The bounce wasn't just from people staying calm though. Midterms cleared up and shorts got squeezed badly and had to buy back. Calling it all "the market being healthy" is a touch generous in my opinion.

Heh! Funny. Nobody hacked the Bitcoin chain, but one company's hot wallet got drained. And the crazy part was holders of Bitcoin with their own keys didn't even have to turn on the TV or check Twitter. Theres a lot more to this week than a positive daily price candle.

[Kryptowerk]

what just happened proof the market is becoming more matured

After that week of drama, seeing the market bounce back to the 80k level was reassuring. Binance took the loss and absorbed it with SAFU and its treasury. Circle and Tether froze a sizable chunk of the stolen assets onchain. Both firms have deep pockets and the ability to freeze assets whenever they want.

So it wasn't the market. A couple of very centralized entities stepped in to deal with the situation. The market just chilled out after.

If there's any kind of maturity in the crypto sphere these days, it's definitely not the kind we bragged about in the early days. It looks more like banking tbh. The 2008 financial crisis was the poster child for moral hazard. The argument went something like this: if big players get bailed out, people will stop worrying about where they keep their money and whether their bank is solid. And it basically happened. Once it became clear that big players would always be bailed out, nobody cared about where they kept their money or whether their bank was solid. Why would they? Krugman wrote about moral hazard for years after that crisis.

Now think of a smaller crypto exchange. There's no SAFU. There's no billionaire founder. The question now is: what happens when one of them gets hammered? Nobody's coming to bail those guys out.

less affected by panic from fud which is exactly what this hacking was trying to achieve

Lazarus wasn't trying to spread fud or any false info. North Korea doesn't care about the direction of the price. They've been funding themselves like this for years. The price drop was an unintended side effect.

The bounce wasn't just from people staying calm though. Midterms cleared up and shorts got squeezed badly and had to buy back. Calling it all "the market being healthy" is a touch generous in my opinion.

Heh! Funny. Nobody hacked the Bitcoin chain, but one company's hot wallet got drained. And the crazy part was holders of Bitcoin with their own keys didn't even have to turn on the TV or check Twitter. Theres a lot more to this week than a positive daily price candle.

As much as I hate the centralized control Tether has, in this case it tourned out benefical for the crypto market.
Generally I can think of a couple of events where its working in favor of the market, however it defies the original idea of Bitcoin. That said, obviously tether is closer to the USD than to Bitcoin in many ways.

Still I hope people wake up (they won't for the most part) and go the OG crypto route: your keys, your coins (and vis versa).

[slapper]

~

As much as I hate the centralized control Tether has, in this case it tourned out benefical for the crypto market.
Generally I can think of a couple of events where its working in favor of the market, however it defies the original idea of Bitcoin. That said, obviously tether is closer to the USD than to Bitcoin in many ways.

Still I hope people wake up (they won't for the most part) and go the OG crypto route: your keys, your coins (and vis versa).

Grateful and uneasy is the right reaction here. Tether and Circle froze around $2.4b, a little over 40% of the total amount taken. Most of the rest was ETH, which nobody could freeze, since no company controls ETH. Bitcoin is the same way. Only those with an admin key were able to fix their part quickly.

Tether has the power to freeze the funds in any address that they please - be it today, the Lazarus funds, or tomorrow any address that makes a sanctions list or falls foul of Tether's internal risk assessment. All it takes is someone in the appropriate section of Tether's team to make a judgement call (it took them all of 37 minutes this time). That is why "your keys, your coins" was always a Bitcoin thing. You control the key to the funds, but Tether control the contract. Bitcoin on the other hand has no company behind it.

So much for a mature market.

80 thousand to 75 thousand in a single day.

[Obari]

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.

All your above mentioned points are valid but just to add to the few you have already mentioned, the fact that people are already becoming more enlighten about bitcoin and its operations also ease the panic that came with the hack on Binance which didn't make so much impact on the market even though the price of bitcoin dropped as a result of the news but it would have gone way lower than this if not that people now now what they're doing in the industry.

[angrybirdy]

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.

One factor that should not be left out is stability and trust in the crypto market. eventhough bitcoin is anything but susceptible, the systems through which the purchasing, selling and storing of the coins are conducted have to be stable to ensure stability within the market itself. in such a case where binance is attacked, there could be many consequences including panic from investors who could end up selling their shares. but on the other hand, I think that despite the collapse within the market, this does not in any way affect the capacity of bitcoin to make its comeback, as there are always investors who see this as their greatest opportunity to purchase coins at lower prices.

[Asuspawer09]

I mean, there are a lot of investors, for sure, who took out the money from the platform last time I checked, according to the reports, so there were still a lot of affected addresses from that hacking. It wasn't like it had any effect at all on Bitcoin since we saw a small percentage drop in the market price of Bitcoin, but personally I think it is going to be easily recovered in just a short time.

Binance did a lot of it, the hacking was explain well and how it happened, and Binance cover everything, my funds was not affected, it wasn't a lot compared to other investors so I didn't move any of my cryptocurrency, but the reports says that there are around 3billion I think of funds moves after that withdrawal was enable. It's the biggest hack, just like what the news says, it's definitely bad news, so it's going to cause a lot of fear in the market, but we don't see a lot of selling in the market maybe they just moved their funds to a safe wallet just to make sure. For sure, some investors are already confident in Binance, since it is the best and biggest exchange, and the experience from the previous hacking is getting covered every time.