Why Didn’t Bitcoin Crash Harder After the Binance Hack? CZ Weighs In

Given the extent of the hack that took place on Friday morning, bitcoin’s price expectedly dropped sharply, going south by $4,000 within hours. However, the asset avoided the kind of catastrophic collapse seen during some of the industry’s previous exchange failures and hits. Former Binance CEO Changpeng Zhao has now offered an explanation for why the damage to BTC may have been relatively limited. We are not trying to claim that BTC didn’t drop. It did. We reported that its price slumped from over $80,000 to $76,100 (later that day), losing over $4,000 of value in hours.