Why many people expect Bitcoin price to dump?

[leonair]

We know of the hack and seriously, it's only exchange that was hacked, I wonder why many people were expecting the price of Bitcoin to dump to around 10-20 percent because of the incident of Binance hack. If you may understand correctly, Bitcoin wasn't hacked, it's only exchange that was hacked and among that around $3b was freezed and only $3 that was lost.
If you may understand correctly, Binance has also promised their users (affected victims) to buy back their assets that was stolen from their exchange irrespective of any asset that they are holding. They have also took a Snapchat for the affected victims which they promised to drop back every single token or asset that was stolen from their users, and what you should know is that Binance is also bigger than $6b dollars and they would buy back every single asset that was stolen from their users and that is also positive movement to the market which would also hold the market stronger not to dump as people were expected.
2 to 5 dump is nothing on the market and there is a better chance for the market to boost anytime soon when Binance began their buy back it would bounce back quickly .

Binance is a very large exchange platform which is considered to be the largest exchange platform in the world and it is natural to expect that a hacking incident has occurred on that platform which will really have a big impact on the crypto market. Because every time an exchange platform has been hacked before, there has been a big change in the market. But in the case of Binance being hacked, that change is not seen because people are not panicking. However, as soon as any hacking incident occurs, it has a greater effect on the market than Instant has after a few days. Today, the market has been seen to be down a bit and the price of Bitcoin has also decreased a bit. However, although many people think that this effect will be very large, I do not think that it will be very big.

[ColdLava40]

They have also took a Snapchat for the affected victims which they promised to drop back every single token or asset that was stolen from their users, and what you should know is that Binance is also bigger than $6b dollars and they would buy back every single asset that was stolen from their users and that is also positive movement to the market which would also hold the market stronger not to dump as people were expected.
2 to 5 dump is nothing on the market and there is a better chance for the market to boost anytime soon when Binance began their buy back it would bounce back quickly .

Did you check the market out during the outbursts of the hack event?

It wasn't very significant but there was an impact on the market especially on BTC, I checked it's price during that period and it had a sharp dump. Binance remains a big exchange with a lot of liquidity.

They hold a huge portion of cryptocurrency up to BTC and a hit like that on such platforms will impact the market even to the least.

The idea isn't even about binance but the impact it had on many cryptocurrency investors and institutions.

We already had several similar attacks, since the biggest exchange in the world got hacked, it means their security systems were no match for those hackers. This could also interpret to many investors becoming scared of their own security setups.

[Kelvinid]

I wouldn't care too much about "price projection". Humans would always find an easy explanation for complex systems...
Something we have seen in the last years with "uptober".
Finally for the first time in the last years we haven't seen another "uptober" - and not only there was the such expected "pump" but we have also seen an impressive amount of long liquidation!  It's probably another change on bitcoin narrative that we haven't caught yet.

This could also be another reason, because seeing that we are already at the last quarter of the year, it makes me look forward for a bullish market and a final bull run, that's why the bear season should come to an end. But I think the market is no longer bearish, bitcoin price only dump because of the recent incident with Binance hack, but since the exchange has managed it positively, then rest assured bitcoin will definitely pump its price again in the next couple of days, and this time it could might break already its new all time high.

[osasshem]

Some of the assets that where stolen got freezed, therefore making it intact and retrievable because it was still under control and has not totally been lost to the hackers. The confidence of CZ was firm because about half ($3B) of the said hacked funds where frozen on-chain and the other half was under investigation; this amount is something they can refund without much funds stress, without the use of the reserved funds for emergency in cases like this.

This is a big hack in the crypto industry and certainly will touch the price of the market, but not to give a devastating price drop. So, anybody expecting a high drop in price should rethink it, Bitcoin was not hacked, an exchange was, just as other exchanges has been hacked before.

[Webutxo]

You still believe this same thing even though the FBI investigation lead them to North Korea hackers? If this is made up then Trump is very aware about the hack and he planned it together with CZ or he is getting a cut from it.

If it's a lie why use the name FBI? But I don't want to jump into conclusion, this is based on what you believed and I don't think that they lied about FBI finding out that North Korea was responsible.

Don't blame people for thinking out of the box. The world is to crazy, we are dealing with different kind of people especially now that we don't know who we can trust again. CZ used to be one of the most respected person in crypto and now people don't even know the who he is and what he does, he says he doesn't manage Binance anymore but he is everywhere. What if he this is planned to look like North Korea and they are completely innocent.

Everything about this hack is different, according to chain analysis, they said they have never experienced this kind of money laundering before since hackers has been stealing money, they are rotating money from one chain to another to look clean as possible. Whoever did this is an experience person and not one person, this is more than just a government, I don't even know how to describe this kind of theft.

[serjent05]

Binance is the biggest crypto exchange. Do not underestimate the psychological effect this will have on many people. You are ignoring the fact that having the biggest crypto exchange in the industry hacked can cause so much panic and make some people lose confidence in crypto. Have you considered this saying: "If Binance could be hacked, who am I?"

True that Binance is the biggest crypto exchange now, and the hacking will surely have a psychological effect on people but I do not think that it will make people think that cryptocurrency is crashing and people will start selling.  The effect would be on whether people will trust the security of an exchange or not. The worst thing to happen is people withdrawing their cryptocurrency from exchanges and holding it themselves, not exiting or selling their cryptocurrency.

People are selling in panic because they are not sure who is next.

The era of people panic-selling because of an exchange hack was already over.  People now know the stability of Bitcoin can't be affected by an exchange hack because of solid institutional adoption.  People knows that Bitcoin won't crush because Bitcoin has deep liquidity because aside from individual investors, there is institutional support in its market.

I will not be surprised to hear or read that an investor has decided to dump their bitcoin investment forever because of the various reports of hacks.

I think differently, it will be surprising to hear that someone dumped his Bitcoin because of an exchange hack.   If an exchange is hack, the one who is dumping Bitcoin is the one who hacked the exchange to convert BTC to cash.

Their reason will be that the security of their bitcoin investment is at stake.

How can their Bitcoin investment security be at stake?  It was an exchange that were hacked, not the Bitcoin network,

[Rgram]

We know of the hack and seriously, it's only exchange that was hacked, I wonder why many people were expecting the price of Bitcoin to dump to around 10-20 percent because of the incident of Binance hack. If you may understand correctly, Bitcoin wasn't hacked, it's only exchange that was hacked and among that around $3b was freezed and only $3 that was lost.

There is always a misconception about Bitcoin each time certain events that undermines personal security and those of services within the space happens. It’s the same narrative you find in the event of a scam, being a victim of cryptocurrency scam or haven’t misplaced your seed phrase.
The blame is easily shifted to Bitcoin. Even as in this case, there are certainly other cryptocurrency assets that were involved.

Expecting a dump is what I would term normal as, people would entertain the idea of liquidating a large amount of their Bitcoin or cryptocurrency asset as a means to hedge against losses.

[Marykeller]

2 to 5 dump is nothing on the market and there is a better chance for the market to boost anytime soon when Binance began their buy back it would bounce back quickly .

Because it is Binance, what if the hack that happened to Binance happened to one of the exchanges that couldn't refund the amount stolen by the hacker, despite having funds saved in SAFU?

That being said, none of us can foresee what is yet to befall the crypto space in the next year or so, since it is like every year some of the  exchanges will experience hacks that will steal huge sums from them, which will result in them putting withdrawals on hold or quitting their services, as we have BitMax, BitMEX, and Bit.com ending their operations this year

[Josefjix]

They have also took a Snapchat for the affected victims which they promised to drop back every single token or asset that was stolen from their users, and what you should know is that Binance is also bigger than $6b dollars and they would buy back every single asset that was stolen from their users and that is also positive movement to the market which would also hold the market stronger not to dump as people were expected.
2 to 5 dump is nothing on the market and there is a better chance for the market to boost anytime soon when Binance began their buy back it would bounce back quickly .

You asked a question and answered it your own way, good.

Overall, Binance hack never affected the whole Bitcoin price, or crypto price let me say. It can only affect the exchange native token (BNB) because so many holders will loose trust on the exchange while the BNB will decrease heavily.

Other popular Centralized exchange doesn't lists other exchange native token, so only Binance registered account holds BNB on Binance which Will certainly affect BNB Price only and not other coins.

[Miles2006]

The fear that comes with crypto hack can be intense, I don’t blame people for panicking, for some reason if the situation was worse than this, I kind of agree with majority of people saying bitcoin price would have been affected. Binance is one of the biggest exchange, while the service got shutdown as a result of hack related issue, bitcoin price is not supposed to be affected well, what about the traders? Let’s not forget those holding their coin using Binance, having a negative impact on bitcoin price is not really a thing obviously bitcoin price is doing pretty well.
It’s really a good thing Binance is taking accountability by settling everyone who got affected by the hack, while trying to analyze the company on what they have achieved so far, I’m more concerned about the wellbeing of the company.

[GbitG]

We know of the hack and seriously, it's only exchange that was hacked, I wonder why many people were expecting the price of Bitcoin to dump to around 10-20 percent because of the incident of Binance hack. If you may understand correctly, Bitcoin wasn't hacked, it's only exchange that was hacked and among that around $3b was freezed and only $3 that was lost.
If you may understand correctly, Binance has also promised their users (affected victims) to buy back their assets that was stolen from their exchange irrespective of any asset that they are holding. They have also took a Snapchat for the affected victims which they promised to drop back every single token or asset that was stolen from their users, and what you should know is that Binance is also bigger than $6b dollars and they would buy back every single asset that was stolen from their users and that is also positive movement to the market which would also hold the market stronger not to dump as people were expected.
2 to 5 dump is nothing on the market and there is a better chance for the market to boost anytime soon when Binance began their buy back it would bounce back quickly .

Well, people were already told you teg same aspects and to be honest I will also express the same way...... We all were expecting a dump because Binance was not just a small exchange despite it is the the world largest crypto exchange. He Binance is also a liquidity provider and I wouldn't be worng if I say that Binance is also the significant equity holder in market....

So that's why everyone was anticipating a drop or even we saw a 7% drop in price. The sound of hack was too loud. Like many people got  panicked and some converted their holdings into stablecoins and more importantly the large number of users decided to withdraw funds from Binance.....

After this ppl are just lost the trust on Binance.

[HelliumZ]

We fail here that we are having trouble understanding that our Bitcoin was not hacked but the Binance exchange was hacked. The difference between an exchange being hacked and Bitcoin being hacked is huge, especially if Bitcoin was hacked, there would have been a long-term problem, but only the exchange being hacked means that the exchange authorities are trying to solve this problem very quickly and they have promised that those who lost their money will be refunded in a very short time. So it is possible to understand that there is no impact on Bitcoin and this is just a temporary situation. Therefore, we should not think that Bitcoin may be dumped in the future just because of all these reasons. And those of us who are thinking that there will be a 10-20% dumping are also wrong because Bitcoin has nothing to do with the exchange being hacked.