Bitwise CIO Says Bitcoin to Recover Within a Week After Binance’s $6.3 Billion Hack
Bitcoin is set to recover quickly despite a $6.3 billion hack at Binance, the world’s largest digital-asset exchange.Bitcoin.com reported on Oct. 31 that Matt Hougan, chief investment officer at Bitwise, said the hack had not changed Bitcoin’s long-term trajectory and that he expects the cryptocurrency to recover within a week.Past large-scale hot wallet hacks also had little impact on long-term returns for digital assets, he said, adding that investors are likely to view the latest incident as a one-off event.Bitcoin earlier fell to $76,368 on news that about $6.3 billion in digital assets had been stolen from Binance, marking its lowest level in six weeks.As of 7:40 p.m., it had recouped some losses and was trading at $77,351, down 0.27% from a day earlier.