Summary
- Matt Hougan, Bitwise’s chief investment officer, said he expects Bitcoin to recover within a week despite the Binance hack.
- He said past large-scale hot wallet hacks had little impact on the long-term returns of digital assets, and investors are likely to view the latest incident as a one-off event.
- Bitcoin previously fell to $76,368 on news of the Binance theft of $6.3 billion in digital assets and was later trading at $77,351.
Forecast Trend Report by Period
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.
Uk Jin
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