Wall Street Downplays Binance Hack as Bitwise Sees ‘Recovery In a Week’

Wall Street analysts are telling clients to buy the dip after the $6.3 billion Binance hack, and Bitwise CIO Matt Hougan expects bitcoin’s price to recover fairly soon. Hougan, chief investment officer at crypto asset manager Bitwise, played down the damage , stating: He made a similar point to Reuters , saying that “hot wallet hacks — even large ones — have historically not had a meaningful impact on future crypto returns.” Not only that, he believes investors typically treat such incidents as one-off events. With this context in mind, it is visible that the selloff was real but limited, as bitcoin fell to a six-week low of $76,368 after the breach while ether dropped to a two-month low of $2,178.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to Bitcoin.com News.