Bitcoin Bounces After Binance Hack as Wall Street Sees a Dip to Buy

Bitcoin slid to a six-week low of $76,368 and ether to a two-month low of $2,178 right after the Binance hot-wallet breach. Prices have since steadied near $77,000.

Bitwise chief investment officer Huggan played down the event, saying the long-term outlook for bitcoin is unchanged and a recovery should come within a week. He noted that past hacks of centralized services have rarely dented future returns.

Wall Street analysts treated the drop as a buying chance. Lance Vitanza of TD Cowen likened it to a bank robbery that doesn’t make the dollar worthless, while Ramzi El-Assal of Cantor Fitzgerald wrote simply: “We’ll buy the dip.” Compass Point analysts added that Binance has ample liquidity to cover losses.

Crypto-related stocks took a harder hit, with Coinbase and Strategy each falling about 12 % and Robinhood down roughly 9 %. Bitwise’s long-term bitcoin target of $1.6 million stayed intact.

Based on information from cryptonews.net