Bitcoin Drops Below $29.2K After Curve Exploit But Stays Range-Bound; ETH, SOL, MATIC Sink

BTC was above $29,300 for most of the weekend, but it plummeted after Curve Finance announced an exploit.

Over the previous 24 hours, Bitcoin (BTC) traded at $29,165, down 0.7%. The largest cryptocurrency by market capitalization hovered at $29,300 for most of the weekend but dropped as low as $23,100 after stablecoin exchange Curve Finance tweeted that it had been exploited. Crypto worth over $100 million was compromised by the attack.

Over the previous week, investors have ignored macroeconomic factors and sought a catalyst, keeping Bitcoin between $29,000 and $29,500. BitBull Capital CEO Joe DiPasquale highlighted a “sustained sentiment shift” to the upside in markets.

DiPasquale said that Bitcoin and ETH’s price stability should offer bulls confidence now that the Fed’s interest rate hike is priced.

“Increased, speculative price actions around coins on the Base network” supported this positive trend.

Curve’s CRV token fell over 19% on Sunday and was down 15.7% at 63 cents.

Ether (ETH), the second largest crypto by market cap, and most other major cryptos fell after the Curve hack, adding to a lengthy list of industry issues over the past two years.

ETH traded at $1,857, down 1.2% from Sunday. Ether has traded between $1,840 and $1,890 for seven days. SOL and MATIC, the tokens of smart contracts Solana and Polygon platforms, dropped 4.5% and 4.2%, respectively, over the past 24 hours. DOGE fell 3.7%. The CMI fell 0.9% today.

In the coming week, investors will watch U.S. jobs data for signs of a slowing employment market, that the last vestiges of a two-year bout of torrid inflation were under control, and that the Federal Reserve will be able to stop its diet of interest rate hikes that have weighed on asset markets.

BitBull’s DiPasquale expects 2024’s halving to increase prices. “Until then, bulls should accumulate when opportune, and bears should practice vigilant risk management,” he added.