Bitcoin's record recoveries after past exchange hacks back in focus amid Binance incident
- —After the 2016 Bitfinex hack BTC fell more than 20% in a day but approached $20,000 by late 2017
- —After the May 2019 Binance hack BTC rebounded about 140% from its low within seven weeks
- —After FTX's November 2022 collapse BTC fell to ~$15,500 before topping $73,800 in March 2024
- —Tether and Circle have frozen roughly $2.4 billion in combined assets
Why it matters: Past exchange hacks caused sharp drawdowns but did not end bitcoin's cycle; this time recovery depends on compensation and how quickly withdrawals resume.
Source: Bloomingbit