'Sentiment will take a hit': Binance $6.3 billion hack rattles bitcoin, crypto market - Yahoo Finance

While the knee-jerk reaction was to sell, industry watchers see the move lower in assets as temporary. "Binance has committed to covering the losses from its own funds and reserves, so we shouldn't see contagion from this exploit," Nikhil Raghuveera, co-founder of on-chain compliance firm Predicate, told Yahoo Finance.

Market Impact

Crypto assets across the board were mostly lower on Friday. Bitcoin (BTC-USD) prices tumbled to around $77,000, while ether (ETH-USD) also dropped 4% to around $2,200. Altcoins Solana (SOL-USD) and Binance's native token (BNB-USD) also plummeted 7%.