This week has not been good for the crypto market. The reason why it is not good is because of the hack event that has happened on the Binance exchange. This hack is so big that a total of $6.3 billion worth of assets are lost. We can see this impact in the market because, just after this news, the Bitcoin price has dropped below US$80,000. Currently, if you see the price over the last 24 hours, this has gone down by more than 3%, which is not a small amount (especially in the current market situation when things are not really bullish).

In fact, the current price is below US$78,000, but a couple of days back, it was trading around US$82,000. In a nutshell, this price has gone down by $5,000, but I believe the instant impact is surely between $4,000 and $5,000 on the Bitcoin price. Although the exchange has announced that they are going to bear this loss, which is really good news, we have to appreciate that Binance is setting up an example where customers' protection is at the top.

Maybe in this situation, Bitcoin's price may drop a little further, which I think is not much of a matter of concern because anybody can take it as an opportunity to enter the market. Once things are sorted, this price is going to rise again. I don't know how far it is going to go, but I expect that it will cross the $80,000 mark soon.

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