Changpeng Zhao argues that Binance’s $6.3 billion hack has limited implications for Bitcoin because it involves 18,270 BTC, compared with 650,000 BTC in the Mt. Gox hack. Binance has reserved $6.34 billion to cover the losses and has begun buying some of the stolen assets to reimburse users. When the hack was announced, Bitcoin fell 4% from $81,900 to $77,900 before declining by roughly 6% from the reference price. Anthony Pompliano says the muted decline, compared with the 20% to 40% drawdowns triggered by previous hacks, is consistent with a bullish market. A break below the 50-week and 200-day moving averages, currently around $75,000 and $73,000, would invalidate this bullish market setup.
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