The international credit rating agency said the scale of the reported theft and Binance's temporary suspension of withdrawals and trading did not trigger the same degree of market disruption seen during earlier events. The response may indicate that Bitcoin trading has become more resilient as the cryptocurrency market has expanded and diversified.
Fitch estimated that approximately $6.3 billion worth of digital assets were stolen in the Binance attack during the last week of October. The agency said the incident may represent the largest cryptocurrency theft to date.
Bitcoin's 6% Decline Compared With Earlier Crises
Fitch contrasted Bitcoin's reaction to the Binance incident with several previous market shocks. During the onset of the COVID-19 pandemic in March 2020, Bitcoin fell 35% in a single day. The cryptocurrency declined 14% during the 2022 FTX collapse and dropped 21% following the 2015 Bitstamp attack.
By comparison, the approximately 6% decline recorded during the 10 hours after the Binance attack became public was considerably smaller. Fitch viewed the difference as evidence of a potentially more resilient market response to major disruptions.
The agency linked this development to the growth and diversification of cryptocurrency trading infrastructure. With trading activity spread across a broader range of venues, the market may be less dependent on the operations of any single exchange.
Fitch Sees No Immediate Change to Bitcoin-Backed Securities Assessment
Despite the scale of the Binance incident, Fitch said the attack was not significant enough on its own to change its previous analytical assessments of Bitcoin-backed securities.
However, the agency made clear that the price response alone was not sufficient to establish a lasting improvement in market resilience. Trading volume and market depth would also need to support the same conclusion.
If those indicators confirm the relatively limited losses observed after the attack, Fitch said the episode could provide an important signal that Bitcoin markets have become more resilient in terms of liquidity and infrastructure as the market matures.
The assessment therefore places the Binance incident in the context of Bitcoin's responses to earlier crises, while emphasizing that broader market data will be necessary to determine whether the apparent improvement reflects deeper structural strength.
source: en.bitcoinsistemi
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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The articles on Hokanews are here to keep you updated on the latest buzz in crypto, tech, and beyond—but they’re not financial advice. We’re sharing info, trends, and insights, not telling you to buy, sell, or invest. Always do your own homework before making any money moves.
Hokanews isn’t responsible for any losses, gains, or chaos that might happen if you act on what you read here. Investment decisions should come from your own research—and, ideally, guidance from a qualified financial advisor. Remember: crypto and tech move fast, info changes in a blink, and while we aim for accuracy, we can’t promise it’s 100% complete or up-to-date.
