Bitcoin fell to about $76,400 on Friday, roughly 6% below its post-Federal Reserve level, after the record $6.4 billion theft from Binance. The crypto market’s expanded capitalization, from just over $400 billion in March 2018 to roughly $2.6 trillion today, and U.S. spot Bitcoin ETFs holding about 1.3 million coins helped cushion the panic. Binance has set aside more than $6.34 billion to cover losses, while about $3 billion remains frozen and withdrawals are expected to resume within 45 hours. Unlike the nearly 11% plunge recorded within minutes in March 2018, greater liquidity, recovering market sentiment, rapid action by stablecoin providers and progress in identifying the stolen assets limited the broader market impact.
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