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Bitcoin’s relatively limited price decline following a $6.3 billion hack targeting Binance suggests the cryptocurrency market has become more resilient to industry-specific shocks, Fitch Ratings said on Monday.

The attack began on October 29, with digital assets stolen across multiple blockchains in what could be the largest cryptocurrency theft to date, according to the ratings agency, Anadolu Agency reported.

The stolen funds reportedly included around 18,270 bitcoin, worth approximately $1.5 billion at the time. Binance temporarily suspended trading and withdrawals before beginning to restore withdrawal services on November 1.

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Bitcoin fell about 6% in the 10 hours after initial reports of the attack emerged. However, broader market weakness and leveraged trading positions also contributed to the decline.

Daily bitcoin trading volume increased 67% to approximately $40.9 billion, compared with an average of $27 billion over the previous 30 days, according to CoinMarketCap data cited by Fitch.

The agency said the decline was relatively modest compared with previous major shocks, including bitcoin's 35% drop during the March 2020 coronavirus crisis, a 14% fall following the collapse of FTX in 2022 and a 21% decline during the 2015 Bitstamp hack.

Fitch attributed the stronger response to deeper and more diversified cryptocurrency trading markets, which reduce dependence on individual exchanges and help maintain liquidity during disruptions.

The agency added that the incident did not change its assessment of bitcoin-backed securities, but stressed the importance of conservative collateral coverage, rapid liquidation and access to multiple trading platforms.

News.Az 

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