Shares of cryptocurrency and blockchain related companies fell in premarket trading on Tuesday, as bitcoin hit a six-week low following a hack at Curve Finance, a platform where users can borrow and trade in crypto.
Bitcoin, the world’s biggest cryptocurrency, fell about 2% to $28,870.
Curve Finance was the victim of a hack, the company posted on messaging platform X, formerly known as Twitter, on Sunday. Losses are estimated to be over $40 million, according to media reports.
Crypto exchange Coinbase’s stock fell 3.1% and blockchain-farm operator Bitfarms shares dropped 1.1%, in premarket trading.
Nomura’s crypto arm wins Dubai licence
Crypto miners including Riot Platforms, Marathon Digital and U.S.-listed shares of Canada’s Hut 8 Mining declined between 3% and 3.35%.
The crypto industry is at a crucial juncture, with two of the biggest industry players - Binance and Coinbase - under fire from the U.S. Securities and Exchange Commission.
Rate hikes by the U.S. Federal Reserve have also added pressure to risky assets such as crypto.
Comments
Comments are closed for this article.