Fitch says Bitcoin's 6% fall after $6.3bn Binance hack shows maturing market

Key points

• Fitch Ratings reports Bitcoin fell about 6% in the 10 hours after the $6.3bn Binance hack, against 35% during the March 2020 Covid sell-off.
• Daily trading volume rose 67% to $40.9bn, which Fitch cites as evidence of deeper, more diversified liquidity.

Fitch Ratings says Bitcoin's 6% price drop after the $6.3bn Binance hack points to a maturing market, Bitcoin.com News reports. The rating agency said the cryptocurrency held up far better than in earlier crises, including the Covid-19 sell-off.

Binance briefly suspended withdrawals and trading, yet Bitcoin lost only about 6% in the 10 hours after the first reports. Fitch compared that with a 35% single-day fall in March 2020, a 14% drop after the FTX collapse in 2022 and a 21% fall during the Bitstamp hack in 2015.

Fitch said daily trading volume jumped 67% to $40.9bn, which it read as a sign of deeper and more diversified market structure. The agency attributed the smaller disruption to a trading ecosystem that spreads activity across venues, so liquidity can hold up when one exchange is hit, even Binance. It still warned that cybersecurity weaknesses and operational outages remain significant risks.

Binance co-founder and former CEO Changpeng Zhao, known as CZ, also stressed Bitcoin's resilience days after the hack and called for unity across the industry. He argued that infighting makes little sense while liquidity remains available across platforms, and said the sector should stay "decentralised but united" as its infrastructure matures.

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