Binance’s $6.4 billion Hack Leaves Bitcoin Only 6% Lower Than Post‑Fed Levels

Binance confirmed a record‑setting theft of roughly $6.4 billion, the largest crypto‑exchange hack to date. Bitcoin fell to about $76,400 on Friday, a decline of roughly 6% from its post‑Federal Reserve level, compared with the 11% plunge seen in March 2018 during a failed attack that stole no funds. The market cap of all cryptocurrencies has risen from just over $400 billion in March 2018 to roughly $2.6 trillion today, and U.S. spot Bitcoin ETFs now hold about 1.3 million coins. Binance has set aside more than $6.34 billion to cover losses, with roughly $3 billion frozen, and has announced that withdrawals should resume in about 45 hours. Despite the theft, Bitcoin remains relatively steady, with daily losses of around 4% after the largest hack on record. The incident highlights the continued resilience of the market, partly due to institutional holdings that are less prone to panic selling.