Bitcoin has shown surprising strength in the wake of last week’s massive hack on Binance, the world’s largest crypto exchange. Despite the theft of $6.3 billion in user funds, Bitcoin’s price climbed about 1% on Monday, reaching around $78,300 by 1 p.m. in Singapore. The resilience comes after a roughly 4% drop from Thursday’s high before the breach was disclosed.
The market’s calm response has been largely credited to Binance’s rapid action. The exchange quickly pledged to cover all losses, which appears to have eased trader concerns. The swift commitment helped stabilize Bitcoin, even as the industry grappled with the fallout of one of the largest cyber heists in history.
Traders had initially braced for deeper losses, but Bitcoin’s ability to recover ground has defied expectations. The token’s performance suggests that confidence in its long-term value remains intact, despite the security breach. However, underlying market jitters persist, as the full impact of the hack continues to unfold.