Bitcoin Rebounds Above $29.4K Amid Curve Exploit
By Laxmikant Khanvilkar
Leading virtual digital assets (VDA) caved in to the market buzz suggesting stablecoin exchange Curve Finance suffered an exploit, which has put crypto’s more than $100 million at risk.
The Twit by Curve Finance sent Bitcoin (BTC) tumbling below $29,200 level. However, the largest cryptocurrency by market capitalization has recovered and was recently trading at $29,474.51, up 0.39%, over the past 24 hours. ETH was recently changing hands at $1,873, off 0.48% from Sunday.
Both, the Bitcoin and Ethereum have maintained narrow range movement as investors seek a fresh catalyst while shrugged off macroeconomic events, analysts have said.
The Fed’s interest rate hike is also priced, the fact that Bitcoin and ETH have both maintained their price levels, that should give bulls additional confidence, they added.
SOL and MATIC, the token of the smart contracts Solana and Polygon platforms, were recently off 4.5% and 4.2%, respectively, over the past 24 hours. Popular memecoin DOGE off 3.7%, respectively. The broader CoinDesk Market Index (CMI) recently moved 0.9% lower for the day.
The global crypto market cap, eased 0.50% to $1.18 tn, over the last 24-hours. On the other hand, the total crypto market volume rose 35.96% to $24.18 bn. The total volume in DeFi is currently $2.26 bn and all stablecoins $20.97 bn, representing 9.33% and 86.73% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance increased 0.16% to 48.19%.
IC15 index, the barometer of top fifteen tokens, edged lower 0.21% to 38,966.
Meanwhile, Curve’s CRV token plummeted more than 19% at one point on Sunday and was more recently off 15.7% to trade at 63 cents.
For this week, the U.S. jobs data will hold the economic spotlight with investors looking for signs of a slowing employment market, which will probably suggest inflation was under control and the Federal Reserve will pause interest rate hikes that have often weighed on asset markets.
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