Bitcoin held up better than expected after Binance hack, Strive CEO says

What happened

Bitcoin held up better than expected after a $6.3 billion Binance hack, Strive CEO Matt Cole said. Bitcoin traded near $77,400 on Saturday, about 4% below its price shortly before the attack began Thursday, according to CoinGecko.

Confirmed

Global impact / market context

The breach hit Binance's wallets, not Bitcoin's network, so investors may treat it as a company-level security failure rather than a flaw in Bitcoin itself. That distinction supports holding Bitcoin as an asset and limits selling pressure tied to the hack.

Analyst inference

Bitcoin's roughly 4% drop is small for a $6.3 billion breach, and Cole calls the market an early spring recovery that may last six to nine months. That implies gradual price gains rather than a sharp rebound to new highs.

Analyst inference

What to watch

1. Strive, a publicly traded company holding Bitcoin on its balance sheet, reported owning 43,000 BTC as of Oct. 23, so its reported holdings show how one listed company is positioned. Confirmed
2. Watch whether Bitcoin's price stays near $77,400 or falls further, since Cole said it is too early to tell whether the cryptocurrency has reached a price bottom. Analyst inference
3. Cole's early spring view proposes a six-to-nine-month recovery with gradually rising prices, so watch whether that slow recovery pattern appears instead of a surge to new highs. Proposed

Affected assets

• BTC — Bitcoin

Evidence

• cointelegraph.com