Following a curve exploit, Bitcoin falls below $29.9k but remains range-bound

Bitcoin (BTC) was just trading down by 0.7% in the previous 24 hours at $29,165. For most of the weekend, the largest cryptocurrency by market capitalization remained above $29,300 but fell to around $23,100 in the hours after stable coin exchange Curve Finance announced that it had been hacked. The breach put over $100 million …

Bitcoin (BTC) was just trading down by 0.7% in the previous 24 hours at $29,165. For most of the weekend, the largest cryptocurrency by market capitalization remained above $29,300 but fell to around $23,100 in the hours after stable coin exchange Curve Finance announced that it had been hacked. The breach put over $100 million in cryptocurrency at danger.

 

For the past seven days, Bitcoin has been trading nearly between $29,000 and $29,500 as speculators ignore macroeconomic factors in search of a catalyst. Nonetheless, CEO of BitBull Capital, observed a “sustained sentiment shift” in markets to the upside. He also added that now that the Fed’s interest rate hike has been priced in, the fact that Bitcoin and ETH have both maintained their price levels should provide bulls with additional confidence with increased, speculative price actions around coins on the Base network. 

 

Curve’s CRV token fell more than 19% at one point on Sunday and was last trading at 63 cents, down 15.7%. According to CoinDesk Indices, Ether (ETH), the second largest crypto by market cap, and most other major cryptos in value followed a similar path, dropping after the Curve hack, which added to a lengthy list of industry difficulties over the past two years. ETH was recently trading down 1.2% from previous day, at $1,857. Over the last seven days, ether has traded in a narrow range between $1,840 and $1,890. 

 

SOL and MATIC, the tokens of the smart contracts Solana and Polygon platforms, have dropped 4.5% and 4.2% in the last 24 hours, respectively. DOGE, a popular memecoin, is down 3.7%. The CoinDesk Market Index (CMI) recently fell 0.9% for the day.

 

Investors will be looking for signs of a slowing labor market, that the last vestiges of a two-year bout of raging inflation are under control. In the coming week, the Fed will be able to halt its diet of interest rate hikes, which has frequently weighed on asset markets. 

 

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Please note that this article does not offer any instructions or suggestions regarding investment decisions. It is important for you to conduct your own research or seek professional advice from a qualified professional before conducting an investment decision.