If history is anything to go by, a hack or exchange breach is something that would usually send a lot of cryptocurrencies to the depths. But after the recent Binance breach that occurred yesterday, the market doesn’t seem that all affected by it.
Maybe it is a sign that the market is finally maturing that the Binance hack hasn’t really had an impact on Bitcoin and the gang.
Now we said it didn’t REALLY have an impact, it still affected the leading currency but it was nowhere as severe as everyone thought it to be.
Bitcoin was trading above the $5,900 mark for the most part of the last 24 hours and it looked like it was getting ready to break above the $6,000 key resistance level, but when the announcement was posted by Binance that the exchange had been hacked, the price took a hit.
Even though the digital asset is currently in the red following a one percent decrease over the past 24 hours leaving it with a price of $5,880, which isn’t really that bad in the bigger scheme of things.
If Bitcoin can stay relatively unaffected by this negative development, then it will confirm the formation of a bull market and definite trend reversal. The crypto analyst and economist, Alex Kruger have said that “In a bear market this would have easily have caused a deluge.”
In fact, the Ethereum bull Anthony Sassano added to this saying:
The largest crypto exchange gets hacked and the market shrugs it off within a few hours - I think it's safe to say that we're definitely out of the bear market and a new cycle has begun.— Anthony Sassano (@sassal0x) May 8, 2019
The response from the community in the wake of this breach has been phenomenal. The TRON CEO has offered to donate the equivalent of the stolen Bitcoin in USDT. CZ has expressed his thanks to the community for their offers of donations to recover the lost funds.
“Thanks for the support, really appreciate it. But currently no need. We will cover the loss from the #SAFU fund, there is enough. We are hurt, but not broke. We are working hard to resolve the issue, so that everyone can deposit and withdrawal again. Will take some time.”