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The Bitcoin Layer · Friday · 23 min

Bitcoin Held Up Through A $6 Billion Hack

In this episode, Nik covers bitcoin’s reaction to the Binance hack, in which $6.3 billion was taken from the exchange’s hot wallet. He explains why a 5% drawdown is far milder than he would have guessed for news of that size, why this is different from the FTX collapse, and how the hacker used DeFi collateral to move stablecoins before issuers could freeze them. Nik then turns to the levels he is watching below $82,700, why gold losing its trend line opens up $3,400, and why a bearish divergence in the Nasdaq suggests more downside. He closes on month end funding and why the calendar matters here. The Bitcoin Layer and its guests do not provide investment advice.

0:00-23:06
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In this episode, Nik covers bitcoin’s reaction to the Binance hack, in which $6.3 billion was taken from the exchange’s hot wallet. He explains why a 5% drawdown is far milder than he would have guessed for news of that size, why this is different from the FTX collapse, and how the hacker used DeFi collateral to move stablecoins before issuers could freeze them. Nik then turns to the levels he is watching below $82,700, why gold losing its trend line opens up $3,400, and why a bearish divergence in the Nasdaq suggests more downside. He closes on month end funding and why the calendar matters here.
The Bitcoin Layer and its guests do not provide investment advice.

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