Bitcoin drops below $29,200 following Curve exploit

The biggest cryptocurrency in terms of market cap slid as low as around $23,100 after stablecoin exchange Curve Finance tweeted that it had suffered an exploit

Bitcoin was recently trading at $29,165, 0.7 per cent lower over the last 24 hours. The biggest cryptocurrency in terms of market cap stayed above $29,300 for most of the weekend but slid as low as around $23,100 after stablecoin exchange Curve Finance tweeted that it had experienced an exploit. The violation put over $100 million in crypto at risk.

Bitcoin has been wavering almost completely between $29,000 and $29,500 for the last seven days as investors digest macroeconomic events and continue to look for a catalyst. Still, Joe DiPasquale, the Chief Executive Officer of crypto fund manager BitBull Capital, noted a “sustained sentiment shift” higher in markets.

Remarkably, now that the Fed’s interest rate hike is also priced, the fact that Bitcoin and ether have both maintained their price levels, should give bulls additional confidence, he added.

He added that “increased, speculative price actions around coins on the Base network,” highlighted this bullish trend.

Curve’s CRV token dipped over 19 per cent at one point on Sunday and was more recently 15.7 per cent lower to change hands at 63 cents.

Ether, the second biggest cryptocurrency in terms of market capitalisation, and majority of other top cryptocurrencies in value as per CoinDesk Indices, followed a similar pattern, slumping after the Curve hack, which added to a long list of industry woes over the last two years.

Ether was recently trading at $1,857, 1.2 per cent lower from Sunday.  Ether has been narrowly range-bound over the last seven days between $1,840 and $1,890. SOL and MATIC, the token of the smart contracts Solana and Polygon platforms, were recently 4.5 per cent and 4.2 per cent lower, respectively, over the last 24 hours. Popular memecoin DOGE was 3.7 per cent lower.