Curve ball rattles Bitcoin and leading cryptocurrencies
Bitcoin and Ethereum are both down around 2% this morning as the markets consider the fallout from a breach earlier in the week at Curve Finance – a DeFi company that uses smart contracts to offer financial services such as stablecoin borrowing, trading and lending.
Other smart contract cryptocurrencies like SOL (Solana), MATIC (Polygon) and AVAX (Avalanche) are all in the red by more than 3% amid the uncertainty in the market.
Concerns have been raised around Curve founder Michael Egorov’s sizable crypto loans against the company and the potential fallout if he were to be liquidated, should CRV continue to spiral. BTC and ETH have recovered somewhat following the initial market reaction.
Yesterday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
🌅Total crypto market cap
🔵 $1.16 trillion
🔻 1.79%
What Bitcoin did yesterday
🔺 Daily high $29,502
🔻 Daily low $29,128
Bitcoin market capitalisation
🟠 BTC $562.604billion
🟡 Gold $13.159 trillion
💳 Visa $497.9 billion
Bitcoin volume
🪣 Total spot trading volume $13.3 billion
🔺 24.45%
SP500
🔺 0.15%
Fear and Greed Index
Bitcoin’s market dominance
📊 49.82
Relative Strength Index (RSI)
💪 40.67
Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition.
What they said yesterday
If we think about financial instruments, I see a future where equities and bonds and other instruments are represented as tokens on a blockchain.
Jas Takhar, RippleX Engineering
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Cautionary Notes
It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. Morning Wire, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.