Shares of cryptocurrency and blockchain related companies fell in early trading hours 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 6.6% and shares of blockchain-farm operator Bitfarms dropped about 7%, in early trading.
Crypto miners including Riot Platforms, Marathon Digital and U.S.-listed shares of Canada’s Hut 8 Mining declined between 3.5%% and 5.4%.
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.
Source : Reuters
A growing body of evidence shows that rising inflows of immigrants and refugees can trigger…
Standard Chartered says country to benefit from shifts in global supply chains, strong non-oil sector.…
In October, the company listed a $130 million sukuk on the Muscat Stock Exchange. Oil…
Two GCC markets account for 91% of total funding deployed across MENA. Startups in Saudi…
From urbanization to agriculture, land systems touch nearly every aspect of development. That’s why the…
US objections have not killed off the 15 percent global minimum tax, but they have…