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Analysts at three Wall Street firms, including Cantor Fitzgerald, TD Cowen and Compass Point, see the broader crypto market impact from Binance’s $6.3 billion hack as limited, CoinDesk reported.
Cantor Fitzgerald analyst Ramsey El-Assal viewed the industry’s swift response to the hack as a positive sign and said the crypto ecosystem has steadily been building its ability to respond. TD Cowen analyst Lance Vitanza argued that just as a bank robbery would not lead people to stop using dollars, and car theft does not invalidate automobiles as a technology, the latest market drop could offer a buying opportunity in shares of companies that hold Bitcoin and other cryptocurrencies on their balance sheets. Compass Point also assessed that Binance has sufficient liquidity to cover customer losses.